Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Accounts payables and salaries payable are part of current liability in balance sheet while current portion of mortgage notes payable is part ot current liability and remaining portion is part of long term liability.
Current liability is a liability that will be paid for in a short period of time, usually consisting of less than a year. Accounts payable are current liabilities, while notes payable are long term liabilities.
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
Accounts payables and salaries payable are part of current liability in balance sheet while current portion of mortgage notes payable is part ot current liability and remaining portion is part of long term liability.
Current liability is a liability that will be paid for in a short period of time, usually consisting of less than a year. Accounts payable are current liabilities, while notes payable are long term liabilities.
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
if liability is payable within one fiscal year then it is current liability while if it is payable for morethan one fiscal year then it is long terrm liability.
A payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each. Current liability is any liability that will be fully paid within one year (or less) or one accounting period. Long term liability is any liability that will take more than one year or accounting period to be fully paid. For the most part, interest payable is current, as it usually is required to be paid quickly, however, that is not always the case.
It should be current liability because it is made monthly, not per year.
Yes current liability is that liability which is payable within one fiscal year otherwise it is that portion of long term liability which is payable within one year remaining portion will be long term liability.
Long term
Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year such as a car loan, then it is considered Notes Payable is is a Long Term Liability.
Current liabilities are liabilities that the company will pay off in a short period of time, usually a year or less, such as accounts payable. Long term liabilities are liabilities that the company will pay off over a longer period of time, more than one year, these are things like Notes Payable.