E7 3 (Financial Statement Presentation of Receivables) Patriot Company shows a balance of $241,140 in the Accounts Receivable account on December 31, 2012. The balance consists of the following
|
Installment accounts due in 2013 |
$23,000 |
|
Installment accounts due after 2013 |
34,000 |
|
Overpayments to creditors |
2,640 |
|
Due from regular customers, of which $40,000 represents |
89,000 |
|
Advances to employees |
1,500 |
|
Advance to subsidiary company (made in 2010) |
91,000 |
Instructions
Illustrate how the information above should be shown on the balance sheet of Patriot Company on December 31, 2012.