Current and Long-Term Liabilities Liabilities are referred to as the obligations of the business towards the creditors for operating the business. Liabilities may be short-term or long-term depending upon the time duration in which it is paid back to the creditors. Liabilities are classified in to current liabilities and long-term liabilities. Current liabilities are those liabilities which need to be paid within a year. Long-term liabilities are those liabilities that have longer maturity period. To determine: The amount of current liability and long-term liability that can be excluded from classification as a current liability (that is reported as noncurrent liability).
Current and Long-Term Liabilities Liabilities are referred to as the obligations of the business towards the creditors for operating the business. Liabilities may be short-term or long-term depending upon the time duration in which it is paid back to the creditors. Liabilities are classified in to current liabilities and long-term liabilities. Current liabilities are those liabilities which need to be paid within a year. Long-term liabilities are those liabilities that have longer maturity period. To determine: The amount of current liability and long-term liability that can be excluded from classification as a current liability (that is reported as noncurrent liability).
Liabilities are referred to as the obligations of the business towards the creditors for operating the business. Liabilities may be short-term or long-term depending upon the time duration in which it is paid back to the creditors. Liabilities are classified in to current liabilities and long-term liabilities. Current liabilities are those liabilities which need to be paid within a year. Long-term liabilities are those liabilities that have longer maturity period.
To determine: The amount of current liability and long-term liability that can be excluded from classification as a current liability (that is reported as noncurrent liability).
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To determine
To prepare: Liability (current and long-term liability) section of a classified balance sheet at December 31, 2016.