Question

Assuming you own a home, where would the amount for the mortgage owed to the bank go in a personal balance sheet? A. Within the equity total B. Under sub prime assets C. Under revenues D. Under liabilities

Answer 1

The answer to your question is,

D. Under liabilities

-Mabel <3

Answer 2

The correct answer is letter "D": Under liabilities.

Step-by-step explanation:

Interest that has accumulated since the last payment of a mortgage loan should be reported as a current liability. Principals payable within one year of the balance sheet date will be reported as an existing liability. The rest of the principal amount is reported as a long-term liability.