Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable accoun

Question

Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2017. The balance consists of the following.

Illustrate how the information above should be shown on the balance sheet of Jim Carrie Company on December 31,2017.

Installment accounts due in 2018    $23,000 Installment accounts due after 2018 34,000 Overpayments to vendors 2,640 Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 79,000 Advances to employees 1,500 Advance to subsidiary company (due in 2018) 81,000

Explanation / Answer

SOLUTION

Jim Carrie Company

BALANCE SHEET

December 31,2017

Amount ($) Amount ($) Current Asset   Due from regular customers 79,000   Installment accounts collectible due in 2018 23,000   Advances to employees 1,500   Overpayments to vendors 2,640 Total 106,140 Noncurrent Asset   Installment accounts due after 2018 34,000   Advance to subsidiary company (due in 2018) 81,000 Total 115,000

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