What is a bond payable?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 8DQ
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What is a bond payable?
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Step 1
Long-Term Liabilities
Long-term liabilities are the obligations of the business that need not be paid within one year or within one operating cycle whichever is longer. Examples of long-term liabilities are long-term notes payable, long-term bonds payable and mortgage payable. They are required to be reported as long-term liabilities in the balance sheet.
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