Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. metlock, inc. shows a balance of $535,120 in the a

Metlock, Inc. shows a balance of $535,120 in the Accounts Receivable account on December 31,...

50.1K

Verified Solution

Question

Accounting

Metlock, Inc. shows a balance of $535,120 in the Accounts Receivable account on December 31, 2020. The balance consists of the following:

Instalment accounts due in 2021 $94,500
Instalment accounts due after 2021 73,000
Overpayments to creditors 12,560
Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 175,000
Advances to employees 70,060
Advance to subsidiary company (made in 2015) 110,000
$535,120

Show how the information above should be presented on the statement of financial position of Metlock, Inc. at December 31, 2020.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

the balance sheet for the serden company is shown below for sales of $300000. using the...

Finance
Q

Q1Using the novel corona virus as a measure of adopting change, discuss how telecommunication companies would...

Operations Management
Q

The goal of Java program implemented as part of this assignment is to build an Inventory Management...

Programming
Q

Explain how has Judaism influenced Christianity? (Scripture, practice, heritage, etc)

Psychology
Q

1045 Steel (quenched specimen) Draw a picture of what you think the microstructure would look like and...

Mechanical Engineering
Q

1. Ryan is readying for a face-off at the begninning of a hockey game. What is...

Physics
Q

Select True or False for the following statements about electromagnetic waves. Visible light is often emitted when...

Physics
Q

Why is it necessary to regularly evaluate business strategy? (150 Words)

General Management
Q

The units are in inches 8 Hint do not calculate the area of the base...

Geometry
Q

Find the indicated z score. The graph depicts the standard normal distribution withmean 0 and...

Statistics
Q

11 Write an equation for the graph TT 2 2 0 2 TT 2 TT...

Algebra
Q

An investor owns shares of XYZ stock that currently are worth $10,000. The stock is...

Finance