Raymond has a $5000 bank loan due in nine months,$3000 in credit card liabilities due in 1.5 months,and another $4000 loan due in 1.5 years.In this case,Raymond has total long-term liabilities of $4000.

Question

Quizplus · Accepted Answer

The $4000 loan due in 1.5 years is considered a long-term liability because it is due beyond one year from the current date, while the other debts are considered short-term liabilities.

Raymond Has a $5000 Bank Loan Due in Nine Months,$3000