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    jmerkel's Avatar
    jmerkel Posts: 1, Reputation: 1
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    #1

    Mar 1, 2007, 12:55 PM
    Confusion over current liabilities and Accounts Payable
    Should a mortgage payment be put in long term Liability or put in just general category of Accounts Payable? Should Car payments and loan payments be put in the same category unless there under a year in which would be a short term liability?
    KongTheKonqueror's Avatar
    KongTheKonqueror Posts: 75, Reputation: 13
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    #2

    Mar 1, 2007, 01:49 PM
    The loan should be classified as a long term liability as long as it is over a year long. The portion of the loan being paid each year should be classified as a current liability.
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