Refer to Danier Leather 's balance sheet and income statement in Appendix II at the end of the textbook Required 1 The balance sheet shows accounts receivable of $385,000 at June 25, 2011, and $543,000 at June 26, 2010 What type of asset is an account receivable Explain how accounts receivable aris...

1 Accounts receivable is a current asset It results from cr ...

Refer to Danier Leather's balance sheet and income statement in Appendix II at the end of the

Question:

Refer to Danier Leather's and income statement in Appendix II at the end of the textbook.
Required
1. The shows of $385,000 at June 25, 2011, and $543,000 at June 26, 2010. What type of asset is an account receivable? Explain how arise.
2. Refer to the income statement. Does the change in receivables appear to correspond to the change in total sales? Explain your answer.
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...