LeBlanc Inc. shows a balance of $519,289 in the Accounts Receivable account on December 31, 2020. The
Question:
LeBlanc Inc. shows a balance of $519,289 in the Accounts Receivable account on December 31, 2020. The balance consists of the following:
Instalment accounts due in 2021 ................................ $ 91,000
Instalment accounts due after 2021 .............................. 80,000
Overpayments to creditors ............................................. 12,640
Due from regular customers, of which $40,000 represents accounts
pledged as security for a bank loan .............................. 165,000
Advances to employees .................................................... 69,649
Advance to subsidiary company (made in 2015) ....... 101,000
$519,289
Instructions
Show how the information above should be presented on the SFP of LeBlanc Inc. at 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...
Step by Step Answer:
Current assets Accounts receivable Customers Accounts of which ...View the full answer
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
