The current portion of a long-term note payable is classified on the balance sheet as a:
A)current asset.
B)current liability.
C)long-term asset.
D)long-term liability.

Name: The current portion of a long-term note payable is classified on the balance sheet as a: A)current asset. B)current liability. C)long-term asset. D)long-term liability.
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Question

Quizplus · Accepted Answer

The current portion of a long-term note payable is a debt that must be repaid within the next year, making it a current liability.

The Current Portion of a Long-Term Note Payable Is Classified