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A note receivable due in 18 months is listed on the balance sheet under the caption?
Wiki User
∙ 14y ago
it is Current assets.
Wiki User
∙ 14y ago
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Are Notes receivable are generally reported as noncurrent assets?
This depends on the term of the Note Receivable.If the note receivable is a note that is expected to be received in 12 months or "less" or within one account cycle (generally a year) then it is listed as a Current Asset.If the note receivable is expected to be received in more than one year 13 + months then it is listed as a Non-Current Asset.
Where does accrued interest on notes receivable go on a balance sheet?
Accrued interest which is to be received within 12 months is a current asset.
Why are assets listed before fixed assets on a balance sheet?
Assets are listed in order of liquidity, or how quickly they can be converted into cash. Fixed Assets (Land, Buildings, Machinery, etc.) take longer to sell than stocks and bonds. Accounts Receivable will turn into cash in 30 days (for the most part) etc. Inventory will turn over several times in a year. The assets listed first are "Current Assets" - things that wil be used within the fiscal year. Fixed Assets have a longer life. This is similar to Current Liabilities (amounts due within 12 months) and Long-term Liabilities (amounts due beyond 12 months).
How do you prepare accounts receivable aging schedule?
The accounts receivable aging schedule is a listing of the customers making up your total accounts receivable balance.The typical accounts receivable aging schedule consists of 6 columns:Column 1 lists the name of each customer with an accounts receivable balance.Column 2 lists the total amount due from the customers listed in Column 1.Column 3 is the "current column." Listed in this column are the amounts due from customers for sales made during the current month.Column 4 shows the unpaid amount due from customers for sales made in the previous month. These are the customers with accounts 1 to 30 days past due.Column 5 lists the amounts due from customers for sales made two months prior. These are customers with accounts 31 to 60 days past due.Column 6 lists the amount due from customers with accounts over 60 days past due.
Journal entries of provision for doubtful debts?
The provision for doubtful debts is also known as the provision for bad debts and the allowance for doubtful accounts.The provision for doubtful debts is identical to the allowance for doubtful accounts. The provision is the estimated amount of bad debt that will arise from accounts receivable that have not yet been collected. The provision is used under accrual basis accounting, so that an expense is recognized for probable bad debts as soon as invoices are issued to customers, rather than waiting several months to find out exactly which invoices turned out to be bad debts. Thus, the net impact of the provision is to accelerate the recognition of bad debts.You typically estimate the amount of bad debt based on historical experience, and charge this amount to expense with a debit to the bad debt expense account (which appears in the income statement) and a credit in the provision for doubtful debts account (which appears in the balance sheet). You should make this entry in the same period when you bill the customer, so thatrevenues are matched with all applicable expenses (as per the matching principle).The provision for doubtful debts is an accounts receivable contra account, so it should always have a credit balance, and is listed in the balance sheet directly below the accounts receivable line item.Later, when you identify a specific customer invoice that is not going to be paid, you eliminate it against the provision for doubtful debts. This can be done with a journal entry that debits the provision for doubtful debts and credits the accounts receivable account; this merely nets out two accounts within the balance sheet, and has no impact on the income statement. If you are using accounting software, you would create a credit memo in the amount of the unpaid invoice, which creates the same journal entry for you.
Where do you record a note receivable due in 18 months on a balance sheet?
Investments
Are Notes receivable are generally reported as noncurrent assets?
This depends on the term of the Note Receivable.If the note receivable is a note that is expected to be received in 12 months or "less" or within one account cycle (generally a year) then it is listed as a Current Asset.If the note receivable is expected to be received in more than one year 13 + months then it is listed as a Non-Current Asset.
Where does accrued interest on notes receivable go on a balance sheet?
Accrued interest which is to be received within 12 months is a current asset.
Why are assets listed before fixed assets on a balance sheet?
Assets are listed in order of liquidity, or how quickly they can be converted into cash. Fixed Assets (Land, Buildings, Machinery, etc.) take longer to sell than stocks and bonds. Accounts Receivable will turn into cash in 30 days (for the most part) etc. Inventory will turn over several times in a year. The assets listed first are "Current Assets" - things that wil be used within the fiscal year. Fixed Assets have a longer life. This is similar to Current Liabilities (amounts due within 12 months) and Long-term Liabilities (amounts due beyond 12 months).
How do you prepare accounts receivable aging schedule?
The accounts receivable aging schedule is a listing of the customers making up your total accounts receivable balance.The typical accounts receivable aging schedule consists of 6 columns:Column 1 lists the name of each customer with an accounts receivable balance.Column 2 lists the total amount due from the customers listed in Column 1.Column 3 is the "current column." Listed in this column are the amounts due from customers for sales made during the current month.Column 4 shows the unpaid amount due from customers for sales made in the previous month. These are the customers with accounts 1 to 30 days past due.Column 5 lists the amounts due from customers for sales made two months prior. These are customers with accounts 31 to 60 days past due.Column 6 lists the amount due from customers with accounts over 60 days past due.
What are the best balance transfer credit cards?
Currently the top three credit cards for balance transfers are Barclay Card who have a 0% balance transfer for 27 months with a 2.98% fee, Virgin who have a 0% balance transfer for 26 months with a 2.99% fee and third place is a tie between NatWest Platinum and RBS platinum credit card as both have 0% balance transfer for 26 months with a 2.65% fee.
At what age do you start practicing static balance?
6 months
Sales for the last four months of the year for a company are listed below What is the average of the sales for these four months?
To find the average of the sales for the four months, you would add up the sales figures for each month and then divide the total by 4 (the number of months). For example, if the sales figures are $10,000, $12,000, $15,000, and $13,000, you would add them up ($10,000 + $12,000 + $15,000 + $13,000 = $50,000) and then divide by 4 to get an average of $12,500.
How many months will Rita pay in simple annual interest on a credit card that charges on her balance?
14 months
Where are the Credit cards with a no fee balance transfer?
The following cards offer no or low interest for 6 to 12 months on balance transfers. http://clicky.me/balance-transfers
What is an accounts receivable aging report?
An accounts receivable aging report summarizes your receivables on their age - how long they have been outstanding. So all the unpaid invoices posted in the past month are current, all the unpaid invoices from the prior month are over 30 days, the unpaid invoices from two months ago are over 60 days, etc. When you are talking about the aging schedule a useful tool for analyzing the makeup of your A/R balance, analyzing the schedule allows you to spot any problems in your A/R early enough to protect your business from major cash flow problems
What if you have a negative balance in your bank account for 6 months?
If you have a negative bank balance for six months, the bank is likely to charge you fees and ask you to pay them what you owe. Once the account is back to zero, the bank will likely close that account.
