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3. Name an appropriate name of a short-term liabilities.
a. What is a short-term liability that is owed to a supplier for inventory?
b. What is a short-term liability that is owed to shareholders?
c. What is a short-term liability that is owed to a creditor for borrowing money?
d. What is a short-term liability that is owed to customers for advanced payment?
e. What is a short-term liability that is owed to governments for income earned?
4. Name two advantages of corporation relative to partnership or sole proprietorship.
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