Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2020.
Question:
Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2020. The balance consists of the following.
Installment accounts due in 2021..........................................$23,000
Installment accounts due after 2021.......................................34,000
Overpayments to vendors...........................................................2,640
Due from regular customers, of which $40,000 represents
accounts pledged as security for a bank loan........................79,000
Advances to employees...............................................................1,500
Advance to subsidiary company (due in 2021).......................81,000
Instructions
Illustrate how the information above should be shown on the balance sheet of Jim Carrie Company on December 31, 2020.
Accounts ReceivableAccounts 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...
Step by Step Answer:
Current assets Accounts receivable Customers accounts of which acco...View the full answer
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
