Select from choices of its balance sheet classification. If the item should not appear on the balance sheet, select H.
-Mortgage payable
A) Current assets
B) Long-term investments
C) Long-term assets
D) Intangible assets
E) Current liabilities
F)Noncurrent liabilities
G) Equity
H) Not appear on the balance sheet

Question

Select from choices of its balance sheet classification. If the item should not appear on the balance sheet, select H.
-Mortgage payable
A) Current assets
B) Long-term investments
C) Long-term assets
D) Intangible assets
E) Current liabilities 
F)Noncurrent liabilities 
G) Equity 
H) Not appear on the balance sheet

Quizplus · Accepted Answer

Mortgage payable is classified as a noncurrent liability on the balance sheet because it is a debt obligation that is not due within the next 12 months.

Select from Choices of Its Balance Sheet Classification