Chapter 14, Problem 14.8BYP

To determine

Liability

Liability is an obligation of the business to pay to the creditors in future for the goods and services purchased on account or any for other financial benefit received. It can be current liability or a non-current liability depending upon the time period in which it is paid.

Long-term liabilities

Long-term liabilities are obligations that the company needs to pay after at least one year or more. Long term liabilities are otherwise called as long-term debt.

To Comment: On the ethical Dilemma.

To determine

The Impact of the following up on C plan, who are affected.