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27 April, 10:58

Notes receivable due in 390 days appear on the a. income statement as an expense b. balance sheet in the current liabilities section c. balance sheet in the current assets section d. balance sheet in the noncurrent assets section

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  1. 27 April, 11:16
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    The correct answer is letter "D": balance sheet in the noncurrent assets section.

    Explanation:

    Notes receivable are promissory payment documents a company holds for goods or services that we already provided. Notes receivables represent assets for the company holding the notes. The part of the note receivable expected to be collected within one (1) year is recorded as a current asset on the Balance Sheet and the part that is supposed to be collected in more than one year is registered as noncurrent assets on the Balance Sheet.

    Thus, if a note receivable is due in 390 days it is registered as a noncurrent asset on the Balance Sheet.
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Home » Business » Notes receivable due in 390 days appear on the a. income statement as an expense b. balance sheet in the current liabilities section c. balance sheet in the current assets section d. balance sheet in the noncurrent assets section
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