Reference no: EM132761393
Larkspur, Inc. shows a balance of $527,180 in the Accounts Receivable account on December 31, 2020. The balance consists of the following:
Instalment accounts due in 2021 $86,000
Instalment accounts due after 2021 79,000
Overpayments to creditors 12,560
Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 165,000
Advances to employees 69,620
Advance to subsidiary company (made in 2015) 115,000
$527,180
Problem 1: Show how the information above should be presented on the statement of financial position of Larkspur, Inc. at December 31, 2020.
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