Financial Statement Presentation of Receivables Patriot Company shows a balance of $241,140 in the Accounts Receivable account

Question:

Financial Statement Presentation of Receivables Patriot Company shows a balance of $241,140 in the Accounts Receivable account on December 31, 2010. The balance consists of the following. Illustrate how the information above should be shown on the balance sheet of Patriot Company on December 31,2010.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...