Please assist with the given problem on financial statements.
Patriot Company shows a balance of $241,140 in the Accounts Receivable account on December 31, 2010. The balance consists of the following.
Installment accounts due in 2011 $23,000
Installment accounts due after 2011 34,000
Overpayments to creditors 2,640
Due from regular customers, of which $40,000 represents
accounts pledged as security from a bank loan 89,000
Advances to employees 1,500
Advance to subsidiary company
(made in 2008) 91,000
Instructions:
Illustrate how the information above should be shown on the balance sheet of Patriot Company on December 31, 2010.