USA Bonds Payable

[Zeus Browning]

Hey guys, I'm having a discussion with a very annoying brother-in-law and we are discussing Bonds Payable. Pretty much we were arguing on where the Bonds Payable account would be classified on a balance sheet. Thanks in advance guys.

 

[kirby]

Bonds Payable will be in the Liabilities section of the Balance Sheet.
If the Liability section is classed into "Short Term Liabilities" and "Long Term Liabilities" , if the maturity is over 1 year the "Long Term" section will hold the Bonds Payable.
Else they will be reported in the "Short Term" section

Other than that, you two guys really need to develop a hobby other than these acctg discussions.