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To: bacchus_ii who wrote (56505)9/27/2001 8:56:53 PM
From: brushwudRead Replies (1) | Respond to of 275872
 
Could someone tell me what exactly Liabilities include and what it exclude(like LT debt I guess).

If your phone bill is lying on your desk unpaid, you have a liability and are a debtor, even if it isn't due until next month.

Liabilities include all debts (like vacation your employees have earned, but not taken), including long-term debt.

In some sense, liabilities also includes stockholders' equity, because assets & liabilities have to balance.


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