Long-term obligations such as notes,mortgages,and bonds are reported as long-term liabilities when they become payable within the upcoming year.These liabilities usually are reclassified and reported as current liabilities when they become payable within the upcoming year.

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Long-term obligations such as notes, mortgages, and bonds are reported as long-term liabilities if they are not payable within the upcoming year. They are reclassified and reported as current liabilities only if they become payable within the upcoming year.

Long-Term Obligations Such as Notes,mortgages,and Bonds Are Reported as Long-Term