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Receivables
Receivables refer to an amount to be received in future. General classifications of receivables are
Accounts receivable
Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.
Note receivable
Note receivable refers to a written promise by the debtor for the amounts to be received within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business.
Other receivables
Other receivables such as interest receivables, loan to company officers, advances to employees, income taxes refundable are non-trade receivables as these are not resulted from sales transaction or business operations.
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Chapter 8 Solutions
Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
- Please explain this financial accounting problem with accurate financial standards.arrow_forwardCan you demonstrate the accurate method for solving this financial accounting question?arrow_forwardIn the first month of operations, the total of the debit entries to the cash account for Pulp Company amounted to $7,800, and the total of the credit entries to the cash account amounted to $5,250.What is the balance in the cash account at the end of the month?arrow_forward
- Colin Industries has fixed costs of $654,800. The selling price per unit is $175, and the variable cost per unit is $95. How many units must the company sell in order to earn a profit of $245,000?arrow_forwardI am searching for the correct answer to this financial accounting problem with proper accounting rules.arrow_forwardPlease give me answer with accountingarrow_forward
- I need assistance with this financial accounting problem using appropriate calculation techniques.arrow_forwardPlease provide the correct answer to this general accounting problem using accurate calculations.arrow_forwardCan you help me solve this financial accounting question using valid financial accounting techniques?arrow_forward
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College