Receivables on the Balance Sheet Identify any errors in the following partial balance sheet. Napa Vino Company Balance Sheet December 31, 2016 Assets Current assets: Cash $78,500 Notes receivable $300,000 (4,500) Interest receivable Notes receivable, net 295,500 Accounts receivable Allowance for doubtful accounts $1,200,000 11,500 Accounts receivable, net 1,211,500 The interest receivable should be added to the notes receivable X . The allowance for doubtful accounts should be shown on the income statement as an expense X . Feedback added to the notes receivable deducted from accounts receivable Check My Work reported separately as a current asset Review the balance she shown on the income statement as revenue added or subtracted correctly. Recall that the allowance account is a contra asset related to accounts receivable. Receivables on the Balance Sheet Identify any errors in the following partial balance sheet. Napa Vino Company Balance Sheet December 31, 2016 Assets Current assets: Cash $78,500 Notes receivable $300,000 (4,500) Interest receivable Notes receivable, net 295,500 Accounts receivable $1,200,000 11,500 Allowance for doubtful accounts Accounts receivable, net 1,211,500 The interest receivable should be added to the notes receivable x The allowance for doubtful accounts should be shown on the income statement as an expense X Feedback added to the notes receivable deducted from accounts receivable Check My Work Review the balance sheet and determine whether amounts have been added or subtracted correctly. Recall that the al reported separately as a current asset shown on the income statement as an expense nts receivable