Question
Marin Company shows a balance of $ 252,220 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts
Marin Company shows a balance of $ 252,220 in the Accounts Receivable account on December 31, 2020. The balance consists of the following.
Installment accounts due in 2021 | $ 32,900 | |
Installment accounts due after 2021 | 43,900 | |
Overpayments to vendors | 3,490 | |
Due from regular customers, of which $ 40,790 represents accounts pledged as security for a bank loan | 83,800 | |
Advances to employees | 2,030 | |
Advance to subsidiary company (due in 2021) | 86,100 |
Illustrate how the information above should be shown on the balance sheet of Marin Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The companys operating cycle is such that all installment receivables are classified as current.
MARIN COMPANY Balance Sheet (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 | |||||||
---|---|---|---|---|---|---|---|
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | |||||||
select an opening name for subsection one Accounts ReceivableAdvance to Subsidiary CompanyInstallment Accounts Collectible due After December 31, 2021Customers AccountsInstallment Accounts Collectible due in 2021OtherNon-trade ReceivablesCurrent Assets | |||||||
select a balance sheet item Installment Accounts Collectible due in 2021Accounts ReceivableCurrent AssetsNon-trade ReceivablesCustomers AccountsInstallment Accounts Collectible due After December 31, 2021OtherAdvance to Subsidiary Company | $ enter a dollar amount | ||||||
select a balance sheet item Accounts ReceivableNon-trade ReceivablesInstallment Accounts Collectible due After December 31, 2021Current AssetsAdvance to Subsidiary CompanyInstallment Accounts Collectible due in 2021Customers AccountsOther | enter a dollar amount | ||||||
select a balance sheet item Installment Accounts Collectible due After December 31, 2021Non-trade ReceivablesCurrent AssetsOtherInstallment Accounts Collectible due in 2021Advance to Subsidiary CompanyAccounts ReceivableCustomers Accounts | enter a dollar amount | ||||||
$ enter a subtotal of the three previous amounts | |||||||
select a balance sheet item Advance to Subsidiary CompanyNon-trade ReceivablesCurrent AssetsOtherAccounts ReceivableCustomers AccountsInstallment Accounts Collectible due After December 31, 2021Installment Accounts Collectible due in 2021 | enter a dollar amount | $ enter a subtotal of the two previous amounts | |||||
select an opening name for subsection two Accounts ReceivableInstallment Accounts Collectible due After December 31, 2021Installment Accounts Collectible due in 2021Customers AccountsAdvance to Subsidiary CompanyCurrent AssetsOtherNon-trade Receivables | |||||||
select a balance sheet item Advance to Subsidiary CompanyNon-trade ReceivablesInstallment Accounts Collectible due in 2021OtherCustomers AccountsInstallment Accounts Collectible due After December 31, 2021Current AssetsAccounts Receivable | enter a dollar amount |
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