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Would any part of a 5-year auto loan be considered a current liability?
Wiki User
∙ 15y ago
The portion of payments due in the current period (1 yr) are considered the current portion of long term debt; the remainder would be considered long term debt, though this is difficult to justify, given that auto loans are consumer debt - that is debt that is not tax deductable. The portion of payments due in the current period (1 yr) are considered the current portion of long term debt; the remainder would be considered long term debt, though this is difficult to justify, given that auto loans are consumer debt - that is debt that is not tax deductable.
Wiki User
∙ 15y ago
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Is saleries payable a current liability?
Yes, Salaries Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period).Current Liability as any liability that will be fully pad for in one year (or less).
Is unearned revenue considered an asset?
No it is a current liability and is not included in the Income Statement, as other revenues would be.
Is interest a current or non current liability?
That part of interest which is due withing next 12 month or due in current financial year then that would be current liability and the remaining part will be non-current liability.
Is unearned revenue a current or a long liabilities?
Unearned revenue is generally considered a current liability. The only time it would be a long term liability would be if the company does not reasonably expect to "earn" the revenue withing one year or less or one accounting period.
Is bonds payable current liability?
Yes, Salaries Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period). Current Liability as any liability that will be... 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.
Is bonds payable a current liability?
Yes, Salaries Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period). Current Liability as any liability that will be... 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.
Are bill payable is current liability?
Yes, bill Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period). Current Liability as any liability that will be...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..
Is bank loan a current liability?
That depends on the term of the loan. Let's define Current Liability and Long-Term LiabilityA current liability is any liability that will be paid off within one year (or less) or one accounting cycle. A bank loan, if is financed for One Year or less, would be classified as a Current Liability.A Long-Term Liability is anything OVER a year. So if the bank loan is financed for more than one year, it will then be classified as a Long-Term Liability.
Is redeemable debentures a current liability?
If they are due to be redeemed within the year then yes, otherwise they would be non-current liabilities.
Example of non-current liabilities?
Non-current liabilities are liabilities not expected to be repaid in the next 12 months. An example of this could be a 3 year loan, the first 12 months repayments would be considered current liabilities while the final 2 years being more than 12 months into the future would be a non-current liability
On a balance sheet the accounts pauable and salarys payable would fall under the catergory of?
Accounts payable and salaries payable both are part of current liability of balance sheet and shown there at liability side.
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.
