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Phyllis Stine is somewhat of a gossip who can say harmful things about people she doesn't even know. Some of the things Stine says are in fact libelous to their reputations. Sam Airatan decides to sue Phyllis for false statements she made harming his good name. If Airatan wins his case against her, the judge can actually throw Stine in jail under the civil tort of defamation.
Liabilities
Liabilities or amounts due by a corporation to third parties or people outside the organization.
Accrued Expense
An accounting term referring to expenses that have been incurred but not yet paid, representing liabilities on a company's balance sheet.
Income Taxes
Taxes levied by the government on income generated by businesses and individuals within their jurisdiction.
Accounting Period
A specific period of time used for financial reporting, typically a year or quarter, during which a company's financial performance is calculated.
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