Notes payable are reported on the balance sheet as current liabilities when they are due and payable within one year from the balance sheet date or operating cycle,whichever is longer.

Question

Quizplus · Accepted Answer

Notes payable that are due and payable within one year from the balance sheet date or operating cycle, whichever is longer, are reported as current liabilities on the balance sheet.

Notes Payable Are Reported on the Balance Sheet as Current