Balance Sheet: Liabilities (Financial Management for Music Retail)

Take a close look at your liabilities. Anything that you owe is a liability. Recognize the different types of liability often found on your balance sheet, both current and long-term. Get to know what’s deemed a liability, including people and services, accrued taxes and expenses, credit lines, long-term debt and stockholders’ equity. Your balance sheet should show all of your debts or liabilities at any given time.