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Financial & Managerial Accounting
Found in: Page 342
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Refer to the financial statements of Samsung in Appendix A. What is the amount of Samsung’s accounts receivable, titled as “Trade Receivables,” on its December 31, 2015, balance sheet?

Answer

The business entity reports KRW 25,168,026 on the balance sheet as trade receivables.

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Step by Step Solution

Step-By-Step SolutionStep 1: Definition of Balance Sheet

The balance sheet is an organized statement reporting financial information of the business entity, such as assets, liability, and equity of the business entity.

Step 2: Trade receivables in the balance sheet

The balance sheet of the business entity prepared on 31 December 2015 reports trade receivables of KRW 25,168,026.

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