Since payment is due within one year, the current portion of long-term debt should be reported separately in the long-term liabilities section of the balance sheet.
举一反三
- Two common subgroups for liabilities on a classified balance sheet are: A: current liabilities and intangible liabilities. B: present liabilities and operating liabilities. C: general liabilities and specific liabilities. D: intangible liabilities and long-term liabilities. E: current liabilities and long-term liabilities.
- Current liabilities are ___. A: due, but not receivable for more than one year B: due, but not payable for more than one year C: due and receivable within one year D: due and payable within one year
- The classification of assets and liabilities as current or long-term depends on （ ）. A: The relative liquidity of the item B: Whether they appear on the balance sheet or the income statement C: Their order of listing in the ledger D: The format of the balance sheet
- If a company presents its balance sheet in a format that includes subtotals for current assets, current liabilities, noncurrent assets, and noncurrent liabilities, it is most likely presented:（） A: in an account format. B: as a classified balance sheet. C: as a functional balance sheet.
- In a merger, the acquiring firm assumes all liabilities of the target firm. Assumed liabilities include all but which of the following? A: Current liabilities B: Long-term debt C: Warranty claims D: Fully depreciated operating equipment E: Off-balance sheet liabilities