Question

E8.14 (LO 4), AP Eileen Corp. had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes Receivable $1,353. Prepare a balance sheet presentation of receivables. Instructions Prepare the balance sheet presentation of Eileen Corp.'s receivables in good form.

Answer 1

Answer:

Explanation:

In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:  

Total assets = Total liabilities + stockholder equity  

The debit and credit side of the balance sheet should always be equal and balanced.  

Moreover, it always is prepared on the specified date.

The preparation of the receivable section is presented below:

Accounts Receivable                                          $2,910

Other Receivables                                              $189

Notes Receivable                                                $1,353

Less: Allowance for Doubtful Accounts             ($52)

Net receivables                                                    $4,400