payables
Definition
Money owed to creditors, lenders, employees, or government (taxes), presented as a liability in the balance sheet of a firm. If due within 12 months, payables are shown as a short-term liability; if not, as a long-term liability. Failure to make payment for payables when they fall due can cause loss of creditworthiness, lawsuits, penalties, or liquidation of the firm.
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