Notes payable is the only other item on the balance sheet. notes payable must equal total assets.
What is Notes payable?
Notes payable can be described as the long-term liabilities which help to show the money a company is owning the financiers.
It should be noted that this financier could be banks and other financial institutions , however they are long-term because they are payable beyond 12 months, hence Notes payable is the only other item on the balance sheet. notes payable must equal total assets.
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