Question

The balance in Discount on Bonds Payable that is applicable to bonds due in three years would be reported on the balance sheet in the section entitled a.intangible assets b.investments c.long-term liabilities d.current assets

Answer 1

The balance in Discount on Bonds Payable that is applicable to bonds due in three years would be reported on the balance sheet in the section entitled of Long-term liabilities.

What is Long-term liabilities?

Long-term liabilities can be regarded as loans aa well as other financial obligations that the repayment schedule would be expected to last over a year.

Some of the examples long-term liabilities are;

1. deferred revenues
2. post-retirement healthcare liabilities.
3. bonds payable
4. long-term loans
5. pension liabilities

It should be noted that balance in Discount on Bonds Payable that has a due time of three years would be reported at Long-term liabilities section.

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