In the balance sheet mortgage notes payable are reported as
A) a current liability only.
B) a long-term liability only.
C) both a current and a long-term liability.
D) a current liability except for the reduction in principal amount.

Question

Quizplus · Accepted Answer

Mortgage notes payable are reported as both a current and a long-term liability on the balance sheet. The portion due within the next year is classified as a current liability, while the remaining balance is classified as a long-term liability.

In the Balance Sheet Mortgage Notes Payable Are Reported as