Asked by
Nicholas Kander
on Nov 12, 2024Verified
Notes receivable due in 390 days appear on the
A) balance sheet in the current assets section
B) balance sheet in the noncurrent assets section
C) balance sheet in the current liabilities section
D) income statement as an expense
Notes Receivable
Written promises for amounts to be received, typically including interest, recorded by the recipient.
Noncurrent Assets
Assets expected to provide economic benefits beyond the next year or operating cycle, excluding items for resale.
- Master the classification and reporting of assets and liabilities in financial statements.
Verified Answer
RM
Learning Objectives
- Master the classification and reporting of assets and liabilities in financial statements.