Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250 How should the liability be classified on the balance sheet? Current liability: $ Long-term liability: $ Dynamic Weight Loss Co, offers personal weight reduction consulting services to individuals. After all the accounts have been dosed on June J0, 2018 , the end of the nscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows