Chapter 15.I, Problem 21RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

For the following balance sheet items, check the appropriate category.

Current |
Fixed |
Current |
Long-Term |
Owner’s |
||||||

Asset |
Asset |
Liability |
Liability |
Equity |
||||||

Note receivable (3-month) | ________ | ______ | ______ | _________ | _____ |

To determine

The category of a balance sheet item “notes receivables (

Current asset | Fixed asset | Current liability | Long-term liability | Owner’s equity |

Explanation

**Given Information:**

The categories of a balance sheet item are as follows:

Current asset | Fixed asset | Current liability | Long-term liability | Ownerâ€™s equity |

Notes receivables (3-month) are represented in the balance sheet under the head â€˜Current Assetâ€™. They are received in the normal course of business. It is a written promise to receive money at a future date...

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