The balance due on a 5-year installment note due in 3 years would appear on the balance sheet in the:
A)other liabilities section
B)current liabilities section
C)long-term liabilities section
D)current and long-term liabilities sections

Question

Quizplus · Accepted Answer

The balance due on a 5-year installment note due in 3 years would be split between current liabilities (for the portion due within the next year) and long-term liabilities (for the portion due beyond the next year), hence appearing in both sections.

The Balance Due on a 5-Year Installment Note Due in 3