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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Describe the steps necessary for a company to determine the value at which to record a non-interest-bearing note receivable exchanged for property, goods, or services.

To determine

Identify the steps which is required to calculate the value at which a company should record the exchange of non-interest-bearing note receivable for property, goods, or services.

Explanation

Note receivable

Note receivable refers to a written promise for the amounts to be received within a stipulated period of time. This written promise is issued by a debtor or borrower to lender or creditor. Notes receivable is an asset of a business.

A company would record the exchange of non-interest-bearing note receivable for prop...

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