NOTE: Show how accounts receivable would be presented on the December 31, 2017 statement of financial position. THANKS!

JASPER CORP.

STATEMENT OF FINANCIAL POSITION (PARTIAL)

Jasper Corp. had record sales in 2017. It began 2017 with an Accounts Receivable balance of $542,000 and an Allowance for Doubtful Accounts of $38,000. Jasper recognized credit sales during the year of $7,610,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off S40,500 of accounts that were deemed to be uncollectible, although one customer whose $4,600 account had been written off surprised management by paying the amount in full in late September Including this surprise receipt, S7,488,100 cash was collected on account in 2017. In preparation for the audited year-end financial statements, the controller prepared the following aged listing of the receivables at December 31,2017 Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days Amount $308,000 133,000 91,000 43,000 23,000 30,000 $628,000 Probability of Collection 97% 92% 80% 70% 50% 0% Reconcile the 2017 opening balance in Accounts Receivable to the $628,000 ending balance on the controller's aged listing