accrued income such as dividend receivable are normally classified as a. noncurrent trade receivables b. current nontrade receivables c. noncurrent non-trade receivables d. Trade receivables
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accrued income such as dividend receivable are normally classified as
a. noncurrent trade receivables
b. current nontrade receivables
c. noncurrent non-trade receivables
d. Trade receivables
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Solved in 2 steps
- When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?Non-trade receivables are generally dassified and reported as separate iterns in the balance sheet or in a note that is cross-referenced to the balance sheet statement. Identily the non-trade reGeivables Irom the following given options. O a. Notes receivables • b. Cash receivables on sale of goods on credit O c. Dividends receivables O d. AllWhen a receivable is written off under the allowance method, how does it affect the net realizable value shown on the balance sheet?
- If a company usually sells its accounts receivables, it recorda any factoring commissions as a(n) a. Loss b. Expense c. Receivable d. LiabilityTRUE or FALSE. Under casual factoring, the difference between the carrying value of the accounts receivable and the proceeds from factoring is immediately recorded through profit or loss.______ is the example of Liabilities. Sales Supplies in Hand Account Receivables Unearned Commission
- Which of the following statements is true? Group of answer choices Companies typically report gross receivables on the balance sheet and disclose net receivables and the allowance for uncollectible accounts in the notes to the financial statements. Companies typically report net receivables on the balance sheet and disclose gross receivables and the allowance for uncollectible accounts in the notes to the financial statements. Companies typically report gross receivables and the allowance for uncollectible accounts on the balance sheet and disclose net receivables in the notes to the financial statements. Companies typically report net receivables and the net allowance for uncollectible accounts on the balance sheet and disclose gross receivables in the notes to the financial statements.Total receivables will remain unchanged for which of the following?* a. Collection of trade accounts receivable b. Assignment of receivables c. Factoring of receivables d. Notes receivable discounting without recourseUnder the allowance method for uncollectible receivables, the entry to record uncollectible-account expense has what effect on the financial statements?a. Decreases assets and has no effect on net incomeb. Increases expenses and increases stockholders’ equityc. Decreases net income and decreases assetsd. Decreases stockholders’ equity and increases liabilities
- All of the following are ways in which receivables are commonly classified in financial statements except: a.collectible or uncollectible. b.current or noncurrent. c.trade or nontrade receivable. d.accounts or notes receivable.Explain the following terms: credit transfer, dishonoured cheque, standing orderand give examples, the purposes, advantages and disadvantagesUnder the direct write-off method of accounting for uncol-lectible accounts: a. The current year uncollectible accounts expense is lessthan the expense would be under the allowance approach.b. The relationship between the current period net sales and current period uncollectible accounts expense illus-trates the matching principle.