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The total long-term liabilities reported on the balance sheet are $2685000. Long-term liabilities, also known as long-term debts, are debts owed by a company to third-party creditors that are due after 12 months.
This distinguishes them from current liabilities, which must be paid within a year. Long-term liabilities appear on the balance sheet alongside current liabilities. Long-term liabilities are typically due in more than a year. Mortgage loans, bonds payable, and other long-term leases or loans, excluding the portion due in the current year, are examples of long-term liabilities. Short-term liabilities must be paid within the current fiscal year.
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