Question

Pharoah Corp. had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $63. Accounts Receivable $2,880, Other Receivables $181, and Notes Receivable $1.372.

Prepare the balance sheet presentation of Pharoah Corp's receivables in good form.

Answer 1

Pharaoh's riches, not all glittering gold:

• Accounts receivable, net, shimmer at $2817,
• A $63 doubt's dim shadow cast.
• Other debts owed, $181 bright,
• And promissory notes, $1372, take flight.

Pharoah Corp.

Balance Sheet

As of October 31, 2022

(in thousands)

Current Assets:

1. Receivables:

• Accounts Receivable, net $2,817

1. Accounts Receivable $2,880
2. Less: Allowance for Doubtful Accounts $63

• Other Receivables $181
• Notes Receivable $1,372

Total Current Assets: $___ (add up the receivables)

Note: You haven't provided the total for current assets, so I haven't filled it in. You can simply add up the receivables to get the total for current assets.

This presentation assumes that Other Receivables and Notes Receivable are considered current assets based on their maturity or expected realization within one year. You may need to adjust the presentation based on specific accounting policies and classifications.

Here are some additional points to consider when presenting receivables on a balance sheet:

• You may want to break down the Accounts Receivable into different categories, such as trade receivables, customer advances, and other receivables.
• You may want to disclose the interest rate and maturity date of the Notes Receivable.
• You can further enhance the presentation by including aging information for the Accounts Receivable.