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Oneil inc began work on a 7000000 contract in 2010 to

1. O'Neil, Inc. began work on a $7,000,000 contract in 2010 to construct an office building. O'Neil uses the percentage-of-completion method. At December 31, 2010, the balances in certain accounts were: construction in process $2,450,000; accounts receivable $240,000; and billings on construction in process $1,400,000. Indicate how these accounts would be reported in O'Neil's December 31, 2010 balance sheet.

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Accounting Basics: Oneil inc began work on a 7000000 contract in 2010 to

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