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    Financial Statement Presentation of Receivables

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    Please help with the following problem on financial statements.

    Patriot Company shows a balance of $241,140 in the Accounts Receivable account on December 31, 2010. The balance consists of the following.

    Installment accounts due in 2011 $23,000

    Installment accounts due after 2011 34,000

    Overpayments to creditors 2,640

    Due from regular customers, of which $40,000 represents
    accounts pledged as security from a bank loan 89,000

    Advances to employees 1,500

    Advance to subsidiary company
    (made in 2008) 91,000

    Instructions

    Illustrate how the information above should be shown on the balance sheet of Patriot Company on December 31, 2010.

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    https://brainmass.com/business/financial-statements/financial-statement-presentation-of-receivables-297641

    Solution Preview

    Dear Student,

    Thank you for using BM.
    Below are my answers.

    Sincerely,
    Anna Liza Gaspar

    ANSWERS

    The following presentation of receivables ...

    Solution Summary

    The following program helps with a problem about financial statements. This solution helps with a problem about financial statement presentation of receivables.

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