Create the Liabilities (Current & Long-Term)section of the Balance Sheet

question 48

Essay

Create the liabilities (current & long-term)section of the balance sheet.Include a heading and at least 3 current liability accounts and two long-term liability accounts,and one other liabilities account found in the liabilities section of the balance sheet.

---

Definitions:

Variable Manufacturing Overhead

Costs that vary with the level of production output but are indirect in nature, such as indirect materials and utilities.

Fixed Manufacturing Overhead

Regular, fixed costs associated with operating a manufacturing facility, including costs like rent, depreciation, and property taxes.

Machine-Hours

A measure of production activity that represents the total hours machines are operating over a given period.

Overapplied

A scenario in which the overhead attributed to products or services surpasses the real overhead expenses.