a-company-has-accounts-payable-of-50000-due-in-6-months-and-a-mortgage-payable-o

Question

A company has accounts payable of $50,000 due in 6 months and a mortgage payable of $200,000 due in 10 years. How should these be classified on a classified balance sheet?

Accepted Answer

Accounts payable as current liability; mortgage payable as long-term liability

Answer

Both as long-term liabilities

Answer

Accounts payable as long-term liability; mortgage payable as current liability

Answer

Both as current liabilities

A company has accounts payable of \$50,000 due in 6 months and a mortgage payable of \$200,000 due in 10 years. How should these be classified on a classified balance sheet?