Sunland Company shows a balance of $238,220 in the Accounts Receivable account on December 31, 2020....

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Sunland Company shows a balance of $238,220 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $31,200 Installment accounts due after 2021 34,800 Overpayments to vendors 3,590 Due from regular customers, of which $40,460 represents accounts pledged as security for a bank loan 82,100 Advances to employees 2,130 Advance to subsidiary company (due in 2021) 84,400 Illustrate how the information above should be shown on the balance sheet of Sunland Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The company's operating cycle is such that all installment receivables are classified as current. SUNLAND COMPANY Balance Sheet (Partial) December 31, 2020 Current Assets Current Assets Accounts Receivable 148100 Customers Accounts 82100 Non-trade Receivables 84400 %24 %24 > > > > Sunland Company shows a balance of $238,220 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $31,200 Installment accounts due after 2021 34,800 Overpayments to vendors 3,590 Due from regular customers, of which $40,460 represents accounts pledged as security for a bank loan 82,100 Advances to employees 2,130 Advance to subsidiary company (due in 2021) 84,400 Illustrate how the information above should be shown on the balance sheet of Sunland Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The company's operating cycle is such that all installment receivables are classified as current. SUNLAND COMPANY Balance Sheet (Partial) December 31, 2020 Current Assets Current Assets Accounts Receivable 148100 Customers Accounts 82100 Non-trade Receivables 84400 %24 %24 > > > >

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SUNLAND COMPANY Balance Sheet partial December 312020 ... View the full answer