On the balance sheet, I want to say that this is a current liability.
Is this correct? If not, where would it go-under Long Term Liabilities?
Thank you so much!|||Your instinct is correct. The amount of the long-term liability that is due within the next year should be classified as a current liability. You can call it "current portion of long-term debt." The remainder of the liability after subtracting the current portion would be classified as long-term debt.
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