Question

Question 5 Which of the following statements, regarding notes receivable, is incorrect? All notes receivable are considered long-term assets. A notes receivable is a written promise that a customer will pay a fixed amount of principal plus interest by a certain date in the future. Notes receivable are sometimes called promissory notes. Notes receivable usually have longer terms than accounts receivable. « Previous Nes

please help me with these 4 questions... thanks

Answer 1

Q:5. Option 1

All notes receivables are not considered as long term assets

Based on situation it depends on duration.If it due is more than one year than only recognised as long term asset or else within one year short term asset

Q:11 option 4

Acid test ratio is ability to pay its current liabilities when they come due only quick assets such as cash ,cash equivalents,etc

Q:16 option 3

Goodwill never amortized

Q:76,270( nearest answer)

(303000/115000)*29000

=76408(actual answer