Blossom Inc. shows a balance of $522,940 in the Accounts Receivable account on December 31, 2023. The balance consists of the following: installment accounts due in 2024 installment accounts due after 2024 $86,500 75,000 Overpayments to creditors 12,790 Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 167,000 Advances to employees 69,650 Advance to subsidiary company (made in 2018) 112,000 $522,940 Show how the information above should be presented on the statement of financial position of Blossom at December 31, 2023. Blossom Inc. Statement of Financial Position December 31, 2023

Blossom Inc. shows a balance of $522,940 in the Accounts Receivable account on December 31, 2023. The balance consists of the following: installment accounts due in 2024 installment accounts due after 2024 $86,500 75,000 Overpayments to creditors 12,790 Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 167,000 Advances to employees 69,650 Advance to subsidiary company (made in 2018) 112,000 $522,940 Show how the information above should be presented on the statement of financial position of Blossom at December 31, 2023. Blossom Inc. Statement of Financial Position December 31, 2023

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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