Question

Notes payable is the only other item on the balance sheet. notes payable must equal:_____.

Answer 1

Notes payable is the only other item on the balance sheet. notes payable must equal total assets.

What is Notes payable?

Notes payable can be described as the  long-term liabilities  which help to show the money a company  is owning the  financiers.

It should be noted that this financier could be banks and other financial institutions , however they are long-term because they are payable beyond 12 months, hence Notes payable is the only other item on the balance sheet. notes payable must equal total assets.

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