Long-term debt should be included in the current section of balance sheet if: 1- it matures next year. 2-it matures within the year?

Question

Deleted user · Answer

2-it matures within the year

Deleted user · Answer

Long term debts should be shown under current liabilities in the Balance Sheet if the long term liabilities are repayable within the period of12 months from the balance sheet date.

Payal Seth · Answer

Long-term debt should be included in the current section of balance sheet if it matures within the year (include the current portion of long term debt).

shehzad ahmad · Answer

2- It matures within the year.

Frank Avitia · Answer

In accounting, a current asset is an asset which can either be converted to cash or used to pay current liabilities within12 months.
So the answer to the question is - (2) Long-term debt should be included in the current section of balance sheet if it matures within the year.

Muhammad Afaq · Answer

as long debt is going to be mature in current year, therefore it will be the part of current portion of the balance sheet that ie option2

Prince Ninan · Answer

Long term debt are those debts which becomes payable after one yr, so it should not be included in current liabilities.

قدرى abu taha · Answer

within the year

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Long-term debt should be included in the current section of balance sheet if: 1- it matures next year. 2-it matures within the year?

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