Where is the current portion of notes payable reported on the balance sheet?

Where is the current portion of notes payable reported on the balance sheet?

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Expert Solution

Step 1: Definition of notes payable

A note payable is a written document where the borrower borrows the money for a fixed period.

Step 2: Current portion of the notes payable

As the notes payable are a liability for the company hence, the current portion of the bonds payable is shown in the current liabilities.

The current portion of the notes payable means the portion which becomes due within 12 months.

Sahil Dangi answered 2 years ago

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