Jim Carrie Company shows a balance of $205,770 in the Accounts Receivable accoun

Question

Jim Carrie Company shows a balance of $205,770 in the Accounts Receivable account on December 31, 2013. The balance consists of the following.

Illustrate how the information above should be shown on the balance sheet of Jim Carrie Company on December 31, 2013.

Jim Carrie Company
Balance Sheet (Partial)
December 31, 2013

Installment accounts due in 2014 $32,040 Installment accounts due after 2014 (Assume that these receivables are collectible within the operating cycle of the business.) 36,930 Overpayments to vendors 2,750 Due from regular customers, of which $40,700 represents accounts pledged as security for a bank loan 81,850 Advances to employees 2,320 Advance to subsidiary company (due in 2015) 90,580

Explanation / Answer

Answer:

**These items could be separately classified,if considered material.

Particulars Amount ($) Current Assets: Accounts Receivable: Trade/Customers: Accounts (of which accounts in the amount of $40700 have been pledged as secutity for a bank loan) 81850 Installment accounts collectible due in 2014 32040 Total 113890 Other** (2750+2320) 5070 Total 118960 Non current Assets: Investments: Advance to subsidiary company 90580 Installments accounts collectible due after dec 31,2014 36930

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.