Bert Yelverton has a 20-year mortgage on the building where his office is located. The mortgage is an example of which of the following?

Question

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A 20-year mortgage is a long-term liability because it is not expected to be paid off within the next year. Current assets are assets that can be converted to cash within the next year, owners' equity represents the owners' ownership in the business, and current liabilities are liabilities that are expected to be paid off within the next year.

Bert Yelverton Has a 20-Year Mortgage on the Building Where