Legal Question in Business Law in Connecticut
business question
If a van is to be paid off in one year would it be an asset or current liability.
Asked on 2/04/08, 8:04 pm
1 Answer from Attorneys
Re: business question
You are asking an accounting question, but the answer for accounting purposes is as follows:
the Value of the Van less depreciation is an asset:
The note/debt is a current liability, since it is to be paid off in 12 months.
I think you should get an accountant to help you.
Answered on 2/04/08, 9:07 pm
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