The current portion of long-term debt is:
A)The amount that will be paid within the next year
B)Reported as an asset
C)Reported as a long-term liability

Question

Quizplus · Accepted Answer

The current portion of long-term debt represents the amount that will be paid within the next year and is reported as a current liability in the balance sheet. This is because it is expected to be paid off in the short term, and not as a long-term liability.

The Current Portion of Long-Term Debt Is