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As of December 31, 2021. Cady Construction has one construction job for which the construction...

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Accounting

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As of December 31, 2021. Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $10,000 and the billings on construction contract account has a balance of $6,000. Cady has another construction job for which the construction in progress account has a balance of $11,000 and the billings on construction contract account has a balance of $17,000 Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31, 2021, balance sheet Job CIP Billings Contract Asset or Contract Liability? Amount $ Job 1 Job 2 10,000 $ 11,000 $ 6,000 17.000 $

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