Using the information in Problem 8A, prepare an income statement and a statement of changes in equity for the year ended March 31, 2014, and a classified balance sheet at March 31, 2014. The owner made an additional investment during the year of $15,000. A $6,500 payment on the long-term notes payable will be made during the year ended March 31, 2015.
Analysis Component:
Why might Brenner Climbing Adventures be tempted to report the notes receivable as a current asset on the March 31, 2014, balance sheet?