If a company faded to recognize the discount on non-interest-bearing notes receivable (unearned interest income credit). meaning the nite was recorded at face how would it affect the financial statements? A. the statement of changes in equity will not affect by this error? b. at the end of the year of issuance, the statement will be understand while the balance sheet will be overstated c. the income statement won't be enormous while the balance will be overstated d. the income statement will be understated while the balance sheet will not be enoneous.
If a company faded to recognize the discount on non-interest-bearing notes receivable (unearned interest income credit). meaning the nite was recorded at face how would it affect the financial statements? A. the statement of changes in equity will not affect by this error? b. at the end of the year of issuance, the statement will be understand while the balance sheet will be overstated c. the income statement won't be enormous while the balance will be overstated d. the income statement will be understated while the balance sheet will not be enoneous.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 1BD
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If a company faded to recognize the discount on non-interest-bearing notes receivable (unearned interest income credit). meaning the nite was recorded at face how would it affect the financial statements?
A. the statement of changes in equity will not affect by this error?
b. at the end of the year of issuance, the statement will be understand while the balance sheet will be overstated
c. the income statement won't be enormous while the balance will be overstated
d. the income statement will be understated while the balance sheet will not be enoneous.
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