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Balance Sheet Classification

Question:

Explain how the liability should be classified on the balance sheet if a business owes a mortgage note payable of $350,000, the term of which provide for monthlypayments 7,000.

Answers

Balance sheet Classification:The three general classes of items included in the balance sheet are assets, liabilities,and equity.Similar to assets, companies classify liabilities as current or long-term.Currrent Liabilities: Current liabilities are the obligations that a company reasonably expects to liquidate either through the use of current assetsor the creation of other current liabilities.Payables resulting from the aquisition of goods and services : accounts payable, wages payable, taxes payable and so on.Long-term Liabilities: Long-term liabilities are obligations that a company does not reasonably expect to liquidate within the normal operatingcycle.Instead, it expectss to pay them at some date beyond that time. The most common examples are bonds payable, notes payable, some deferred incometax amounts,lease obligations and pension obligations.Companies classify long-term liabilities that mature within the currentoperating cycle as current liabilities if payment of the obligation requires the use of current assets.Notes Payable: Notes payable are written promises to pay a certain sum of money on a specified future date. They may arise frompurchases, financing, or other transactions. Companies classify notes as short-term or long -term , depending on the payment due date.Long -term liability $350,000Monthly payments $7,000 is current liability..

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