Final answer:
The amount reported in the statement of financial position for the accounts receivable from Kentry Farms, Inc. will be $51,000, calculated as the original sale amount of $100,000 minus the received payment of $49,000, which accounted for the 2% discount on the half payment made within the discount period.
Step-by-step explanation:
To calculate the amount that will be reported on the statement of financial position for the accounts receivable from Kentry Farms, Inc., we need to follow the terms provided and the actions taken by the company.
On June 10, 2022, Massy Stores made sales on credit amounting to $100,000 with terms 2/10, n/30. These terms mean that Kentry Farms could have taken a 2% discount if they paid within 10 days; otherwise, the net amount is due within 30 days.
By June 19, 2022, Kentry Farms paid 1/2 of the amount due, which is $50,000. Since the payment was made within the discount period, Kentry Farms is entitled to a 2% discount on this amount, which is $1,000 (2% of $50,000). Therefore, the payment received by Massy Stores is $49,000 ($50,000 - $1,000).
As of the fiscal year-end on June 30, 2022, the remaining balance due from Kentry Farms will be the original sale amount minus the payment received ($100,000 - $49,000), which is $51,000. Thus, the accounts receivable due from Kentry Farms to be reported would be $51,000.