O'Tole Co Reports Assigned Accounts Receivable of $190,000 That Relate to to an Unpaid

question 21

Multiple Choice

O'Tole Co. reports assigned accounts receivable of $190,000 that relate to an unpaid note payable of $75,000. Correct balance sheet disclosure is

• A) Current assets:
• Accounts receivable assigned \(\quad \) $190,000
• Less: Note payable \(\quad \)75,000
• Equity in accounts receivable assigned \(\quad \) $115,000
• B) Current assets:
• Equity in accounts receivable assigned \(\quad \) $115,000
• C) Current assets:
• Accounts receivable assigned \(\quad \)$190,000
• Current liabilities:
• Note payable \(\quad \)$75,000
• D) Current assets:
• Accounts receivable assigned \(\quad \) $190,000
• Current liabilities:
• Note payable \(\quad \)$75,000
• Less: Accounts receivable assigned 75,000
• $ -0-

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