Chapter 12, Problem 1RQ

To determine

Long-Term Notes Payable

Long-term notes payable refers to the obligation of the company in the form of notes to be paid after one year or one operating cycle whichever is longer. Generally the long-term notes payable is reported in the long-term liabilities section of the balance sheet.

To Locate: The section of the balance sheet where the current portion of the notes payable would be reported.