Notes Payable could not appear as a line on the balance sheet in which classification?

Question

Assets * Liabilities*Owner's/Stockholders' Equity

Irah Mananquil · Answer

The balance in the Notes Payable account will be reported on the balance sheet as follows:

the amount due within one year of the balance sheet date will be a current liability, and
the amount not due within one year of the balance sheet date will be a noncurrent liability.