Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020....
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $28,600 Installment accounts due after 2021 42,400 Overpayments to vendors 2,890 Due from regular customers, of which $40,600 represents accounts pledged as security for a bank loan 89,500 Advances to employees 1,890 Advance to subsidiary company (due in 2021) 83,900 Illustrate how the information above should be shown on the balance sheet of Martinez Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2021 (Customers) are collectible within the operating cycle of the business.
Homework Answers
ANSWER:
| Asset |
|
Current assets Balance of account receivable = 208580 (+) Due from regular customers = 89500 Total account receivable balance = 298080 (I) Overpayments to vendors = 2890 (II) |
| Total Current assets = 300970 [ (I) + (II ] |
|
Investments Advance to subsidiary company = 83900 |
|
Other assets Advance to employees = 1890 |
Conclusion:-
| Total Current assets | $ 300970. |
| Investments | $ 83900. |
| Other assets (Advance to employees) | $ 1890. |
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Martinez Company shows a balance of $208,580 in the Accounts
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