: Homework is graded on completion basis. Make sure you make a thorough effort on each...

 

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: Homework is graded on completion basis. Make sure you make a thorough effort on each question to ensure full points are earned. 1. Burger Brother's Sports includes in its trial balance for December 31 accounts receivable (one-line item) with a balance of $2,581,481. The schedule below is the detail of what is in the accounts receivable balance. Detail of accounts receivable balance Due from regular customers Travel advances to employees Advances to creditors for good ordered $ Accounts receivable assigned as secuirty $ for loans payable $ SS $ Notes receivable (balance includes interest) $ Loan to affiliated company (subsidiary) $ Accounts Receivable $ 1,650,453 65,855 275,610 350,000 129,563 110,000 2,581,481 Required: Illustrate how these items should be shown in the balance sheet as of December 31. 2. Recent financial statements of Pillsbury Inc. report net sales of $7,585,650,000. Accounts receivable are $650,555,000 at the beginning of the year and S$685,562,000 at the end of the year. Required: Compute Pillsbury's average collection period for accounts receivable in days. : Homework is graded on completion basis. Make sure you make a thorough effort on each question to ensure full points are earned. 1. Burger Brother's Sports includes in its trial balance for December 31 accounts receivable (one-line item) with a balance of $2,581,481. The schedule below is the detail of what is in the accounts receivable balance. Detail of accounts receivable balance Due from regular customers Travel advances to employees Advances to creditors for good ordered $ Accounts receivable assigned as secuirty $ for loans payable $ SS $ Notes receivable (balance includes interest) $ Loan to affiliated company (subsidiary) $ Accounts Receivable $ 1,650,453 65,855 275,610 350,000 129,563 110,000 2,581,481 Required: Illustrate how these items should be shown in the balance sheet as of December 31. 2. Recent financial statements of Pillsbury Inc. report net sales of $7,585,650,000. Accounts receivable are $650,555,000 at the beginning of the year and S$685,562,000 at the end of the year. Required: Compute Pillsbury's average collection period for accounts receivable in days.

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