On November 30, Year 1, Derin Corporation agreed with its customers to change accounts receivable to notes

Question:

On November 30, Year 1, Derin agreed with its customers to change to notes receivable in order to allow a longer payment period. The terms of the notes receivable are principal is due on November 30, Year 4 and interest payments are due annually on November 30 until November 30, Year 4. Derin’s customer has made all required payments to date. How should the notes receivable and accrued interest be classified on the as of June 30, Year 3?
Notes Receivable Accrued Interest
a. Current Current
b. Current Noncurrent
c. Noncurrent Current
d. Noncurrent Noncurrent
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...