Horizon Outfitters Company includes in its trial balancefor December 31 an item for Accounts Receivable$789,000. This balance consists of the following items:Due from regular customers $523,000Refund receivable on prior year’s incometaxes (an established claim) 15,500Travel advance to employees 22,000Loan to wholly owned subsidiary 45,500Advances to creditors for goods ordered 61,000Accounts receivable assigned as securityfor loans payable 75,000Notes receivable past due plus interest onthese notes 47,000Total $789,000Illustrate how these items should be shown in the balancesheet as of December 31.

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Asked Jan 8, 2020
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Horizon Outfitters Company includes in its trial balance
for December 31 an item for Accounts Receivable
$789,000. This balance consists of the following items:


Due from regular customers $523,000
Refund receivable on prior year’s income
taxes (an established claim) 15,500
Travel advance to employees 22,000
Loan to wholly owned subsidiary 45,500
Advances to creditors for goods ordered 61,000
Accounts receivable assigned as security
for loans payable 75,000
Notes receivable past due plus interest on
these notes 47,000
Total $789,000

Illustrate how these items should be shown in the balance
sheet as of December 31.

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Current assets: The assets which could be converted into cash within one year like accounts receivables, or marketable investments; or which could be...

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