Eileen Corp. had the following balances in receivable accounts at October 31, 2017 (in...

Question:

Eileen Corp. had the following balances in receivable accounts at October 31, 2017 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes Receivable $1,353. Prepare the balance sheet presentation of Eileen Corp.'s receivables in good form.

Receivables

Receivables are assets of the company which are collectible in the near future and originated from the company's credit sales or borrowings to employees and officers. Receivables are also subject to impairment especially if there is a probability of non-collection.

Answer and Explanation:

Accounts Receivable 2,910
Allowance for Doubtful Accounts (52)
Notes Receivable 1,353
Other Receivables 189
Total Receivables 4,400

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Credit Policy & Receivables

from Finance 101: Principles of Finance

Chapter 19 / Lesson 1
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