The July 31, 20X0, general ledger trial balance of Aerospace Contractors, Inc., reflects the following accounts associated with receivables. Balances of the accounts are after all adjusting journal entries proposed by the auditors and accepted by the client. Accounts receivable—commercial ........... $ 595,000 Accounts receivable—U.S. government ......... 3,182,000 Allowance for uncollectible accounts and notes ...... 75,000 cr. Claims receivable—public carriers ............ 7,000 Claims receivable—U.S. government terminated contracts . 320,000 Due from Harwood Co., investee ........... 480,000 Notes receivable—trade ................. 15,000 Remember that two or more ledger accounts are often combined into one amount in the financial statements in order to achieve a concise presentation. The need for brevity also often warrants the disclosure of some information parenthetically: for example, the amount of the allowance for doubtful accounts. a. Draft a partial balance sheet for Aerospace Contractors at July 31, 20X0. In deciding which items deserve separate listing, consider materiality as well as the nature of the accounts. b. Write an explanation of the reasoning employed in your balance sheet presentation of these accounts.
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