Access the FASB Accounting Standards Codification at the FASB website (asc fash org) Determine the specific citation for each of the following items 1 What is the balance sheet classification for a note payable due in six months that was used to purchase a building 2 Which assets may be excluded fr...

The FASB Accounting Standards Codification represents the single source of authoritative US generally accepted accounting principles The specific citation for each of the following items is 1 What is ...

Access the FASB Accounting Standards Codification at the FASB website (asc.fash.org). Determine the specific citation for each

Question:

Access the FASB Accounting Standards Codification at the FASB website (asc.fash.org). Determine the specific citation for each of the following items:
1. What is the classification for a note payable due in six months that was used to purchase a building?
2. Which assets may be excluded from current assets?
3. Should a note receivable from a related party be included in the balance shed with notes receivable or from customers?
4. What items are non-recognized subsequent events that require a disclosure in the notes to the financial statements?
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...