Patriot Company shows a balance of $241,140 in the Accounts Receivable account o

Question

Patriot Company shows a balance of $241,140 in the Accounts Receivable account on December 31, 2012. The balance consists of the following.

Illustrate how the information above should be shown on the balance sheet of Patriot Company on December 31, 2012.

Installment accounts due in 2013 $23,000 Installment accounts due after 2013 34,000 Overpayments to creditors 2,640 Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 89,000 Advances to employees 1,500 Advance to subsidiary company (made in 2010) 91,000

Explanation / Answer

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Please find the answer as follows:

Thanks.

Current Assets

Accounts Receivable

Customer Accounts (of which $40,000 represents accounts pledged as security for a bank loan) 89000
Installment Accounts Due in 2013 23000
Installment Accounts Collectible Due after 31st December 2013 34000


146000 Others (Overpayments to Creditors + Advance to Employees)
4140


Investments

Advance to Subsidiary Company
91000

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