Reference no: EM133175572
Question - Below are the information related to the accounts receivable of Mink Company.
Beginning balance, 600,000
Credit sales, 5,000,000
Shareholder's subscription, 200,000
Deposit on contract, 120,000
Claims against common carrier for damages, 100,000
IOUs from employees, 10,000
Cash advances to affiliates, 100,000
Advances to suppliers, 50,000
Collections, 5,300,000
Write-off, 25,000
Returns, 40,000
Allowances for shipping damages, 25,000
Collections on carrier claims, 40,000
Collections on subscriptions, 50,000
Required -
1) How much is the correct amount of accounts receivables?
2) What is the amount of trade and other receivables to be presented under current assets?
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How much is the correct amount of accounts receivables
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