Simona Ltds operating cycle is 1 year. How would the following receivables be classified on the statement
Question:
Simona Ltd’s operating cycle is 1 year. How would the following receivables be classified on the statement of financial position?
(a) Trade debtor account of $500 000, of which 70% is due within 1 month with the balance due in 18 months.
(b) A 90-day promissory note.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a It will be classified as a current as...View the full answer
Answered By
Brian Otieno
I'm Brian , an experienced professional freelancer with countless hours of success in freelancing many subjects in different disciplines. Specifically, I have handled many subjects and excelled in many disciplines. I have worked on many Computer Science projects and have been able to achieve a lot in that field. Additionally, I have handled other disciplines like History, Humanities, Social Sciences, Political science, Health care and life science, and Religion / Theology. My experience generally in these subjects has made me able to deliver high-quality projects in a very timely fashion. I am very reliable at my job and will get the work done in time, no matter what. In Addition, I have managed to ensure that the work meets my client's expectations and does not cause an error. I am a hard-working and diligent person who is highly responsible for everything I do. Generally, Freelancing has made me more accountable for doing my job. Additionally, I have had a passion for writing for the last seven years in this field.
0 Reviews
10+ Question Solved
Related Book For 
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
Question Posted:
