ABC Company has several subsidiaries that are included in its consolidated financial statements. In its December 31, year 1 trial balance. ABC had the following intercompany balances before eliminations: In its December 31, year 1 consolidated balance sheet, what amount should ABC report as intercompany receivables?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ABC Company has several subsidiaries that are included in its consolidated financial statements. In its December 31, year 1 trial balance. ABC had the following intercompany balances before eliminations: In its December 31, year 1 consolidated balance sheet, what amount should ABC report as intercompany receivables?

Debit
Credit
Current 'receivable due from
Main Co.
$ 32,000
Noncurrent receivable from
Main Co.
114,000
Cash advance to Corn Corp.
6,000
Cash advance from King Co.
$ 15,000
Intercompany payable to King Co.
101.000
Transcribed Image Text:Debit Credit Current 'receivable due from Main Co. $ 32,000 Noncurrent receivable from Main Co. 114,000 Cash advance to Corn Corp. 6,000 Cash advance from King Co. $ 15,000 Intercompany payable to King Co. 101.000
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