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Horizon outfitters company includes in its trial balance

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Reference no: EM131110835

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 47,000Total $789,000
Illustrate how these items should be shown in the balance sheet as of December 31.

Reference no: EM131110835

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