Discussion:Related Party Payable - ST vs. LT

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Revision as of 20:20, 9 March 2007

Discussion Forum Index --> Accounting Questions --> Related Party Payable - ST vs. LT

JCCPA (talk|edits) said:

9 March 2007
Hi All:

I have a new audit client with a related party payable of approx. $46k. There are no stated repayment terms on the note - the only evidence is a note payable.

I cannot find anywhere the proper balance sheet classification - whether this should be disclosed as Short Term vs. Long Term.

Any pointers would be helpful.

Thanks in advance!!!

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