Question

a note receivable due in 18 months is listed on the balance sheet under the caption a.long-term liabilities b.investments c.fixed assets d.current assets

Answer 1

The note receivable is classified as a current asset because it is due within the next 12 months.

The Importance of Classifying a Note Receivable as a Current Asset

Based on the information given, it appears that the note receivable is classified as a current asset due to the fact that it is due within the next 12 months. This means that the company will receive the payment within that timeframe and can use it to cover its current expenses. This is a important distinction to make because it can impact the overall financial picture of the company.

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