Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 76

As of July 31, 2011, Krispy Kreme Doughnuts had $230,000 of Notes Receivable due before July 31, 2012, $21,646,000 of Accounts Receivable, and $1,307,000 in its Allowance for Doubtful Accounts (assume all related to accounts receivable). How should these accounts be reported on a balance sheet prepared following GAAP What if the balance sheet follows IFRS, as described in Chapter 5