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When writing a balance sheet in accounting, does the notes payable go under current or long-term liabilities?

April 26, 2017Accounting balance sheet Business Finance long-term notes Payable writing

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When writing a balance sheet in accounting, does the notes payable go under current or long-term liabilities?

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The current portion of the notes payable should be reported in current liabilities. The remainder should be reported in long-term liabilities. The interest due should be reported in current liabilities separately from the current portion of long-term debt.