Question

question content area notes receivable due in 390 days appear on the a.balance sheet in the current assets section b.balance sheet in the noncurrent assets section c.balance sheet in the current liabilities section d.income statement as an expense

Answer 1

Notes receivable due in 390 days appear on the balance sheet in the current assets section. Thus, option (a) is correct.

What is an asset?

Asset refers to the resource which is owner by the individual or any entity that has the economic value. It is owned by the company with the expectation of the future. It can be any property, money, land, cash etc.

The balance sheet includes the two broad sections that are assets and liabilities. The assets side includes the current assets and long term assets. Notes receivable or the bill receivables are the part of the current asset.

Therefore, it can be concluded that notes receivable due in 390 days appear in the current assets part of the balance sheet. Hence, option (a) is correct.

Learn more about Assets here:

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