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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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How are trade receivables different from nontrade receivables?

To determine

Specify the manner by which the trade receivables are different from nontrade receivables.

Explanation

Receivables

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Specify the manner by which the trade receivables are different from nontrade receivables.

Trade receivables:

  • Trade receivables usually arise from a credit sale made for the company’s product or service to its customers.
  • Trade receivables have the majority of company’s total receivables balance.
  • Trade receivables are sub classified into two parts they are:
  1. 1...

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