0
Notes receivable is an asset. Receivables are an asset in the fact that it's something another person or company owes you. Depending on how long the "note" is for, will dictate whether or not the Note Receivable is a current asset or long term asset.
If the note is to be paid in full in one year (or less) or one accounting period it is considered a current asset, otherwise it's long term.
What else can I help you with?
Is accounts recievable a current liability?
Accounts receivable is a current asset, never a current liability.
Bill recievable and bill payable journal entries?
Entry of bill recievable is: Bill Recievable A/c dr. To debtor
Is Notes receivable asset or liability?
It is recorded as an asset.
Is long term notes payable current liability?
no
Are Notes receivable are classified as current liabilities?
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Is accounts recievable a current liability?
Accounts receivable is a current asset, never a current liability.
Bill recievable and bill payable journal entries?
Entry of bill recievable is: Bill Recievable A/c dr. To debtor
Is subordinated capital notes a current liability or a long term liability?
Long term
Is Notes receivable asset or liability?
It is recorded as an asset.
Is long term notes payable current liability?
no
Are Notes receivable are classified as current liabilities?
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
What statement does the notes payable go on?
Notes payable is same like accounts payable a liability of business and it is shown under current liability section of balance sheet.
How could an organization have a tax receivable?
An organization can have a tax recievable when it has paid a larger estimated tax the refund is put into recievable
What kind of account is Note Payable - shareholders?
Notes Payable is a Liability.
Is Notes payable due in 120 days a current liability?
Yes.
What is average gross accounts receivable?
Average gross accounts recievable is the beginning balance for accounts recievable and the ending balance for A/R divided by two.
Where contingent liability shown in balance sheet?
Contingent liability is not shown in balance sheet because the actual occurance or amount of liability is unknown until some specific future time or event that's why it is shown as note in notes to financial statement section.
