Please do not give solution in image format thanku Prepare the current assets section of The Coronado Pub's balance sheet at December 31, 2020. (Round answers to O decimal places,e.g. 125.)THE CORONADO PUBBalance SheetFor the Year Ended December 31, 2020<$LA$+A The Coronado Pub provides catering services to local businesses. The following information was available for The Coronado Pub forthe years ended December 31, 2019 and 2020.CashAccounts receivableAllowance for doubtful accountsOther current assetsCurrent liabilitiesTotal credit salesCollections on accounts receivable1.2.3.December31, 2019$ 1,88046,5004.6008,81036,400201,000188,000$December31, 20201,700?Coronado management is preparing for a meeting with its bank concerning renewal of a loan and has collected the followinginformation related to the above balances.?7,83044,700250,000229,000The cash reported at December 31, 2020, reflects the following items: petty cash $1,600 and postage stamps $100. Theother current assets balance at December 31, 2020, includes the checking account balance of $4,260.On November 30, 2020, Coronado agreed to accept a 6-month, $4,890 note bearing 12% interest, payable at maturity,from a major client in settlement of a $4,890 bill. The above balances do not reflect this transaction.Coronado factored some accounts receivable at the end of 2020. It transferred accounts totaling $10,000 to Final Factor,Inc. with recourse. Final Factor will receive the collections from Coronado's customers and will retain 2% of the balances.Final Factor assesses Coronado a finance charge of 3% on this transfer. The fair value of the recourse liability is $400.However, management has determined that the amount due from the factor and the fair value of the resource obligationhave not been recorded, and neither are included in the balances above.Coronado charged off uncollectible accounts with balances of $1,600. On the basis of the latest available information, the2020 provision for bad debts is estimated to be 2.5% of accounts receivable.

Preparation of current assets section of coronado pub's balance sheet are as follows

The Coronado Pub provides catering services to local businesses. The following information was available for The Coronado Pub for the years ended December 31, 2019 and 2020. Cash Accounts receivable Allowance for doubtful accounts Other current assets Current liabilities $ December 31, 2019 1,880 46,500 600 8,810 36,400 $ December 31, 2020 1,700 ? ? 7,830 44,700

The Coronado Pub provides catering services to local businesses. The following information was available for The Coronado Pub for the years ended December 31, 2019 and 2020. Cash Accounts receivable Allowance for doubtful accounts Other current assets Current liabilities $ December 31, 2019 1,880 46,500 600 8,810 36,400 $ December 31, 2020 1,700 ? ? 7,830 44,700

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 15P: Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed...

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