Question

Sheffield Company includes in its trial balance for December 31 an item for Accounts Receivable $749,800....

Sheffield Company includes in its trial balance for December 31 an item for Accounts Receivable $749,800. This balance consists of the following items: Due from regular customers $500,000 Refund receivable on prior year’s income taxes (an established claim) 14,800 Travel advance to employees 21,500 Loan to wholly owned subsidiary 44,500 Advances to creditors for goods ordered 55,000 Accounts receivable assigned as security for loans payable 70,000 Notes receivable past due plus interest on these notes 44,000 Total $749,800 Illustrate how these items should be shown in the balance sheet as of December 31.

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Answer #1
Balance sheet of Sheffiel Company as on 31st December
Amount (in $)
ASSETS
Current assets
Due from regular customers 500000
Accounts receivable 70000
Travel advance employees 21500
Advanvces to creditors 55000
Income tax refund receivable 14800
Notes recievable and interest 44000
Total current asset 705300
Non current asset
Loan to subsidiary 44500
Total non current asset 44500
TOTAL ASSETS 749800
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