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Chapter 2. Accounting 101 > Your Company’s Liabilities

Your Company’s Liabilities

Liabilities are what you owe. When judging the viability of a company, bankers, potential investors, and others look at the liabilities and consider how well the company is able to meet those obligations. Following are examples of liabilities:

  • Payables owed to your suppliers, vendors, utility companies, or subcontractors

  • Payroll owed to your employees

  • Taxes owed to federal, state, and local governments, including income taxes, payroll taxes, and sales taxes

  • Retirement contributions owed to your company retirement program

  • Amounts your company has received as advance payments, retainers, or deposits from your customers and clients

  • Loans owed to banks and other lenders

  • Service and product warranties that you have issued to your customers


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