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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.
What else can I help you with?
On a balance sheet the accounts of accounts payable salaries payable and mortgage notes payable would fall under the category of?
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.
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
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 bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
On a balance sheet the accounts of accounts payable salaries payable and mortgage notes payable would fall under the category of?
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.
Is salaries payable a current liability?
Yes, salaries payable is a current liability.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
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 bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
How is the bonds payable classified on the balance sheet?
Bonds payable is classified as liability in balance sheet. That portion which is payable in current fiscal year as current liability while remaining portion as non-current liability.
Is bonds payable a noncurrent liability?
no, it is current liability
What is meant by expenses payable?
Expense payable is a current liability.
Bonds payable are reported on the balance sheet at?
bonds payable are shown in balance sheet under current as well as non-current liability portion as that much amount which is payable within current year is current liability and remaining is non-current liability.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Are bonds payable a current liability?
Yes bonds payable means liability..first of all wherever the word payable denotes for paying that shows liability
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.
