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Originally, courts ruled against unions on the basis that
Interest Payable
The amount of interest expense that has been incurred by a company but has not yet been paid to the creditor; it is a liability on the balance sheet.
Current Liability
Obligations that a company needs to settle within one fiscal year or its current operating cycle, whichever is longer, often including accounts payable, short-term loans, and accrued expenses.
Accounts Payable
Amounts a company owes to creditors for items or services purchased on credit.
Mortgage Payable
A liability represented by a legal agreement granting a lender a lien on real estate property as security for the repayment of a loan.
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