Which of the following is categorized as a long-term liability?

Long-term liabilities are obligations that are due beyond one year from the date of the balance sheet. In this context, notes payable typically refers to formal borrowings that a company agrees to pay back over a period extending beyond one year. These can include loans or other forms of credit that require repayment, which fits the definition of long-term liabilities as they represent future economic sacrifices for the company beyond the current reporting period.

When evaluating the other options, accounts payable and wages payable are usually classified as current liabilities since they represent obligations that must be settled within one year or the operating cycle of the business, whichever is longer. Unearned revenue is also considered a current liability because it pertains to payments received before services are provided or products delivered, requiring the company to fulfill its obligation within a relatively short timeframe. Therefore, notes payable stands out as a typical example of a long-term liability due to its longer repayment term.