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svp [43]
3 years ago
10

On Merf's April 30, Year 1, balance sheet, a note receivable was reported as a noncurrent asset and its accrued interest for eig

ht months was reported as a current asset. Which of the following terms would fit Merf's note receivable.
Social Studies
1 answer:
Tasya [4]3 years ago
4 0

Answer:

<em><u>The answer is</u></em>: <u>Effects receivable.</u>

<u />

Explanation:

Effects receivable. These include accounts receivable or the amounts owed to a business for services already performed.

Current accounts receivable are the amounts receivable within the twelve months following the date of the report, while the non-current effects receivable are those that expire in a term exceeding twelve months from the date of financial report. The receivables are declared at cost less the amortization calculated using the real interest method, less any impairment loss.

<em><u>The answer is</u></em>: <u>Effects receivable.</u>

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