The current portion of long-term debt should be
A)Reported as a current liability on the balance sheet.
B)Reported as a long-term liability on the balance sheet.
C)Combined with the rest of the long-term debt on the balance sheet.

Question

Quizplus · Accepted Answer

The current portion of long-term debt refers to the amount of long-term debt that must be paid within the next year. Therefore, it should be classified as a current liability on the balance sheet.

The Current Portion of Long-Term Debt Should Be