Company a Has a Note Receivable of $5,000

question 13

Multiple Choice

Company A has a Note Receivable of $5,000. The note will be collected in installments. $1,000 is due within a year and the remainder is due after a year. The classification of the note on the balance sheet is:

• A) all $5,000 is a current asset.
• B) all $5,000 is a long term asset.
• C) $1,000 is a current asset and $4,000 is a long-term asset.
• D) $4,000 is a current asset and $1,000 is a long-term asset.

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Definitions:

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