5: Liabilities in More Detail

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5.1: Sales Tax
5.2: Payroll
5.3: Notes Payable
A business may borrow money from a bank, vendor, or individual to finance operations on a temporary or long-term basis or to purchase assets. Note Payable is used to keep track of amounts that are owed as short-term or long- term business loans. A note payable is a loan contract that specifies the principal (amount of the loan), the interest rate stated as an annual percentage, and the terms stated in number of days, months, or years.
5.4: Bonds

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