Dorman Company had the following items to report on its balance sheet: Employee

Question

Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580 Amounts owed by customers for the sale of services (due in 30 days 3,050 Refundable income taxes 1,120 Interest receivable 950 Accepted a formal instrument of credit for services (due in 18 months) 2,220 A loan to company president 5,000 Dishonored a note for principal and interest which will eventually be collected 1,380 Based on this information, what amount should appear in the "Other Receivables" category?

Explanation / Answer

Other receivables would include the following:

Other receivables include the receivable other than related with trade i,e which are not related with the sales of goods or services.

Particulars $Amount Refundable Income taxes 1120 Interest Receivables 950 Employees advances 1580 Total 3650

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