ADM 1340 Chapter Notes - Chapter 10: Financial Instrument, Inventory Turnover, Harmonized Sales Tax

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ADM 1340 Full Course Notes
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ADM 1340 Full Course Notes
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There are to basic classifications of liabilities: current liabilities. These are usually done on a short term basis: a floating interest rate changes as market interest rates change and is usually based on the prime borrowing rate. These are given when a company uses an operating line of credit: collateral - assets pledged as security for the payment of a debt. This is often required by banks as protection if the borrower defaults on the loan. Just because a company has a line of credit, it doesn"t. of the assessed value of the property: this tax is covered for the whole year, ex. Owns land and a building, and at the end of the calendar year, march 31, gets a property tax bill for ,000, payable on may 31: when the company receives the bill, two months have passed . Since the payment is being made for the remaining seven months of the year, prepaid expenses are added .

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