What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position as of December 31, 2017?A. 699,000B. 822,000C. 849,000D. 894,500 The Morning Star Corporation includes in its trial balance for December 31, 2017 Trade Accounts Receivableof P1,114,500. The balance consists of the following items:P 523,000Due from regular customers...Installment accounts receivable, including P150,000 collectible beyond2018, granted within theusual installment termsof the224,000220,00045,50075,00027,000P1,114,500company...Loans to officers...Advances to creditors for goods ordered.Accounts receivable assigned as security for loans payable.Notes receivable past due plus interest on these notes..Total..What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position asof December 31, 2017?

Trade Receivable at the end of year 31st December 2017 Particulars Amount Due from Regular…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position as of December 31, 2017?

A. 699,000

B. 822,000

C. 849,000

D. 894,500

The Morning Star Corporation includes in its trial balance for December 31, 2017 Trade Accounts Receivable
of P1,114,500. The balance consists of the following items:
P 523,000
Due from regular customers...
Installment accounts receivable, including P150,000 collectible beyond
2018, granted within the
usual installment terms
of the
224,000
220,000
45,500
75,000
27,000
P1,114,500
company...
Loans to officers...
Advances to creditors for goods ordered.
Accounts receivable assigned as security for loans payable.
Notes receivable past due plus interest on these notes..
Total..
What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position as
of December 31, 2017?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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