Given Information:
>Net, as income from construction if credit balance, and loss from construction if debit balance.
>Net, as a current asset if a debit balance, and as a current liability if a credit balance.
>Progress billings as deferred income, construction in progress as a deferred expense.
>Progress billings as income, construction in process as inventory.
Answer:
Net, as a current asset if a debit balance, and as a current liability if a credit balance.
Step-by-step explanation:
In net the balance sheets of accruals and investment should be shown as current assets when a debit balance is established and as a current liability when a credit balance is established.
Net is typically the sum of positive and negative sums when it comes to accounting. For example, the net sales amount is the combination of a positive turnover and some negative amounts, including sales returns, sales allowances and discounts.
The accrued investment income is called a capital asset as the sum is generally expected to be published in its balance sheet within one year.