Long-term obligations usually are reclassified and reported as current liabilities when they become payable within the upcoming

Question:

Long-term obligations usually are reclassified and reported as current liabilities when they become payable within the upcoming year (or operating cycle, if longer than a year). So, a 25-year bond issue is reported as a long-term liability for 24 years but normally is reported as a current liability on the prepared during the 25th year of its term to maturity. Name a situation in which this would not be the case.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...