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What is a long-term liability

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Q1- KLM Company purchased a small building at a cost of $200,000. The down payment is $70,000. The remaining balance is payable in 5 years with an annual payment of $26,000. What is a Long-Term Liability?

Q2- During November 2019, a business owner obtained an interest-free loan from a financing company. The loan amount was $64,000. The agreed terms of payment is 5 annual installments of $12,800. What is a Long-Term Liability?

Reference no: EM132887518

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