Howell Company has the following selected accounts after posting adjusting entries: 
Instructions
Prepare the current liability section of Howell Company's balance sheet, assuming $25,000 of the mortgage is payable next year. (List liabilities in magnitude order, with largest first.)
Definitions:
Job-Order Costing
A cost accounting system that accumulates costs per job, rather than a process, suitable for firms that produce goods or services to specific customer orders.
Predetermined Overhead Rate
A rate calculated at the beginning of a period by dividing estimated total overhead costs by an estimated allocation base, used to apply overhead to products or services.
Automated Bandsaw
A type of bandsaw equipped with automatic features for cutting, which can enhance precision and efficiency in manufacturing processes.
Unused Capacity
The difference between a company's actual production and its maximum possible production without additional capital investment.
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