ear to December 31. c. RecRoom receives the principal and interest on the note's maturity date. M8-12 Reporting Accounts and Notes Receivable in a Classified Balance Sheet LO8-2 Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financial statements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates to Accounts Receivable rather than Notes Regeivable. Accounts Payable Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Inventories Loans Payable-Current $ 4,827 Long-Term Debt 9,788 Long-Term Notes Receivable 10,963 Notes Receivable-Current 391 Other Current Assets 2,736 Other Current Liabilities 8,781 Other Non-current Assets 7,209 Property, Plant, and Equipment $22,834 15,743 8,731 1,988 14.033 9,105 23,487 Page 393 M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover Ratio and Days to Collect LO8-4
ear to December 31. c. RecRoom receives the principal and interest on the note's maturity date. M8-12 Reporting Accounts and Notes Receivable in a Classified Balance Sheet LO8-2 Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financial statements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates to Accounts Receivable rather than Notes Regeivable. Accounts Payable Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Inventories Loans Payable-Current $ 4,827 Long-Term Debt 9,788 Long-Term Notes Receivable 10,963 Notes Receivable-Current 391 Other Current Assets 2,736 Other Current Liabilities 8,781 Other Non-current Assets 7,209 Property, Plant, and Equipment $22,834 15,743 8,731 1,988 14.033 9,105 23,487 Page 393 M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover Ratio and Days to Collect LO8-4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![ear
to December 31.
c. RecRoom receives the principal and interest on the note's maturity date.
M8-12 Reporting Accounts and Notes Receivable in a Classified Balance Sheet
LO8-2
Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financial
statements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates to
Accounts Receivable rather than Notes Regeivable.
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Allowance for Doubtful Accounts
Cash and Cash Equivalents
Inventories
Loans Payable-Current
$ 4,827 Long-Term Debt
9,788 Long-Term Notes Receivable
10,963 Notes Receivable-Current
391 Other Current Assets
2,736 Other Current Liabilities
8,781 Other Non-current Assets
7,209 Property, Plant, and Equipment
$22,834
15,743
8,731
1,988
14.033
9,105
23,487
Page 393
M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover Ratio and Days to Collect
LO8-4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ba72dc0-7c2e-4888-8c84-a87a726e2087%2Fd5fc62a7-09f4-4000-988b-ca4104f6248b%2Fwqsurwm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ear
to December 31.
c. RecRoom receives the principal and interest on the note's maturity date.
M8-12 Reporting Accounts and Notes Receivable in a Classified Balance Sheet
LO8-2
Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financial
statements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates to
Accounts Receivable rather than Notes Regeivable.
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Allowance for Doubtful Accounts
Cash and Cash Equivalents
Inventories
Loans Payable-Current
$ 4,827 Long-Term Debt
9,788 Long-Term Notes Receivable
10,963 Notes Receivable-Current
391 Other Current Assets
2,736 Other Current Liabilities
8,781 Other Non-current Assets
7,209 Property, Plant, and Equipment
$22,834
15,743
8,731
1,988
14.033
9,105
23,487
Page 393
M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover Ratio and Days to Collect
LO8-4
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