Chapter 15, Problem 15.8BE

To determine

Long-Term Liabilities: Every company has some debts or liabilities which need to be paid by the business. Those debts or liabilities if not required to be paid within current accounting period or in one year are classified as long-term liabilities.

Balance Sheet: Balance sheet is a part of financial statements that lists company’s assets, liabilities and shareholders’ fund. It is prepared at the end of accounting period and informs about company’s financial position on that day.

To prepare: The long-term liabilities section of the balance sheet for Company L.