Rent owed to the landlord is a balance sheet item for Generic Products Company.How would it most likely be classified on the balance sheet?

Question

Quizplus · Accepted Answer

Rent owed to the landlord is a liability that will be paid within the current operating cycle of the business, which is typically within a year. Therefore, it should be classified as a current liability on the balance sheet.

Rent Owed to the Landlord Is a Balance Sheet Item