What should be the amount to be presented as Trade Accounts Receivable in the statement of financial position as of December 31? The Mickey Mouse Corporation includes in its trial balance for December 31 Trade AccountsReceivable of P1,533,800. The balance consists of the following items:Due from regular customersInstallment accounts receivable, including P50,000collectible beyond 2019 granted within the usualinstallment terms of the company90-day Notes Receivables issued by a customer for thegoods deliveredLoans to officersP413,000150,000235,000220,000170,000245,00050,000Note receivable past due plus interest on these notesClaims for tax refundsAccrued interestAdvances to creditors for goods ordered50,800Total1,533,800

Trade Accounts Receivable is the amount due from customers on account of sales made or services…

Answered: Trade Accounts Receivable

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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What should be the amount to be presented as Trade Accounts Receivable in the statement of financial position as of December 31?

The Mickey Mouse Corporation includes in its trial balance for December 31 Trade Accounts
Receivable of P1,533,800. The balance consists of the following items:
Due from regular customers
Installment accounts receivable, including P50,000
collectible beyond 2019 granted within the usual
installment terms of the company
90-day Notes Receivables issued by a customer for the
goods delivered
Loans to officers
P413,000
150,000
235,000
220,000
170,000
245,000
50,000
Note receivable past due plus interest on these notes
Claims for tax refunds
Accrued interest
Advances to creditors for goods ordered
50,800
Total
1,533,800

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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