The control accounts receivable control account of MHL Company had a balance of 2,865,000. an analysis of the accounts receivable account showed the following: Accounts known to be worthless-----------------------------37,500 Advances payments to creditors on purchase orders-------150,000 Customer’s accounts reporting credit balances arising from sales return---------------------------(225,000) Advances to affiliated companies---------------------------375,000 Interest receivables on bonds-------------------------------150,000 Other trade accounts receivable- unassigned--------------750,000 Subscription receivable due in 30 days---------------------825,000 Trade accounts receivable- assigned (MHL Company’s equity in assigned accounts is 150,000)---------------------375,000 Trade installment receivable due 1-18 months, including unearned finance charges------------------------330,000 Trade receivables from officers due currently---------------25,200 Trade accounts on which post-dated checks are held (no entries were made on receipts of checks)-----75,000 Total---------------------------------------------------------2,865,000 Required; Compute for the following balances The trade accounts receivable as of December 31, 2021 is __________. the net current trade and other receivables as of December 21, 2021 is ___________. How much of the foregoing will be presented under non-current assets as of December 31, 2021? *Please provide a clear explanation*
The control
Accounts known to be worthless-----------------------------37,500
Advances payments to creditors on purchase orders-------150,000
Customer’s accounts reporting credit
balances arising from sales return---------------------------(225,000)
Advances to affiliated companies---------------------------375,000
Interest receivables on bonds-------------------------------150,000
Other trade accounts receivable- unassigned--------------750,000
Subscription receivable due in 30 days---------------------825,000
Trade accounts receivable- assigned (MHL Company’s
equity in assigned accounts is 150,000)---------------------375,000
Trade installment receivable due 1-18 months,
including unearned finance charges------------------------330,000
Trade receivables from officers due currently---------------25,200
Trade accounts on which post-dated checks
are held (no entries were made on receipts of checks)-----75,000
Total---------------------------------------------------------2,865,000
Required; Compute for the following
- The trade accounts receivable as of December 31, 2021 is __________.
- the net current trade and other receivables as of December 21, 2021 is ___________.
- How much of the foregoing will be presented under non-current assets as of December 31, 2021?
*Please provide a clear explanation*
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