The current portion of notes payable must be reported on the balance sheet combined with the long-term portion under long-term liabilities.

Name: The current portion of notes payable must be reported on the balance sheet combined with the long-term portion under long-term liabilities.
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The current portion of notes payable should be reported separately under current liabilities, while the long-term portion is reported under long-term liabilities on the balance sheet.

The Current Portion of Notes Payable Must Be Reported on the Balance