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The liability is 100%. Both are 100% responsible for payment.
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∙ 15y ago
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Is Mortgage a contigent liability?
no
Mortgage payable is a current liability?
No, although Mortgage Payable would be a liability a mortgage is generally not a payable that could or would be paid off in less than one year or one accounting cycle. Current liability refers to just that, a liability that will be paid off in one year or less, while a Long-term liability takes longer, such as a mortgage payable. More commonly referred to as a "note payable" a mortgage payable for a business would be a Long-term liability. A mortgage would be what the company is paying to "purchase" their building or land. The property itself that the mortgage is on of course is the asset.
Examples of a long term liability?
Mortgage
What is the classification of mortgage in accounting?
non current liability
Is mortgage payable debit or credit?
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
Is a mortgage repayment for a business a credit or a debit entry?
Credit to cash, debit to the liability account for the mortgage.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
Can a lien be put on your home if you have no mortgage?
Yes, a lien is put on your home because you have liability and it doesn't matter whether you have mortgage or not.
Would mortgage payable be classified as a long term liability?
yes, if it is for over a year.
Is your house an asset or liability?
It's both !.. It's an asset - in that you can sell it to raise cash. It's a liability - in that you (usually) have to pay a mortgage every month.
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
