Laser Graphics is a graphics art design consulting firm. Spencer Lowry, its treasurer and vice president of finance, has prepared a classified balance sheet as of March $31,2014,$ the end of its fiscal year. This balance sheet will be submitted with Laser Graphics' loan application to American Trust & Savings Bank.

In the Current Assets section of the balance sheet, Spencer reported a $$90,000$ receivable from Jackie Doyle, the president of Laser Graphics, as a trade account receivable. Jackie borrowed the money from Laser Graphics in April $2012$ for a down payment on a new home. She has orally assured Spencer that she will pay off the account receivable within the following year. Spencer reported the $$90,000$ in the same manner on the preceding year's balance sheet.

Evaluate whether it is acceptable for Spencer to prepare the March $31,2014,$ balance sheet in the manner indicated above.