The Accounts receivable balance consists of: Account Title Debits Credits Production equipment $ 477,700 Accumulated depreciationproduction equipment

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The Accounts receivable balance consists of:

Account Title Debits Credits Production equipment $ 477,700 Accumulated depreciation—production equipment $ 239,600 Patents 50,000 Leasehold 7,000 Accounts payable 38,400 Accrued salaries 3,400 Taxes payable 65,800 Notes payable 200,000 Installment note payable 84,200 Bonds payable 250,000 Common stock 300,000 Retained earnings 440,100 Totals $1,754,000 $1,754,000 Trade receivables $84,700 Allowance for doubtful trade accounts (4,600)

Note receivable from Short Erin’s president due in 2013 15,500

$95,600 Trade receivables includes $1,400 of customer accounts with credit balances.

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Financial Reporting And Analysis

ISBN: 9780078110863

5th Edition

Authors: Lawrence Revsine, Daniel Collins

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