[nicalbud]

I am working on a classified balance sheet and believe that I have almost all the correct information. The puzzler is this: Since my Notes Payable is a Current Liab and a LT Liab, how much goes on each line? My balance for Notes Payable is $2000 at 6% interest payable over 24 months. I have entered $1000 as Current Liab and $1000 as LT but my balance sheet totals are not balancing. I believe this is my issue, what do I do to now?? PLEASE HELP! :confused:

[morgaine300]

Well... if you've split the note down between current and long-term incorrectly, that will not make you out of balance. They're still both in the liabilities, and the total liabilities will still be the same. That won't put you out of balance. If you're out of balance, you've got something else going on. (Did you use your updated equity amounts, rather than beginning of year? Common error.)