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What four factors affect family closeness? Why is each factor important?
Total Liabilities
The combined amount of all debts and other financial obligations owed by an entity at a given time.
Liabilities
Financial obligations owed by a business to others, such as loans, accounts payable, and mortgages, which must be paid in the future.
Debts
Money that is owed or due to another individual or entity.
Assets
Assets are resources owned by a business or individual that have economic value and can bring about future benefits, such as cash, real estate, and machinery.
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