Consider the following accounts and identify each as an asset (A),liability (L),or equity (E).
Definitions:
Late Payment
A charge imposed for failing to pay a bill, invoice, or another financial obligation on time.
Rate of Return
The profit or deficit experienced on an investment within a specific duration, shown as a percentage of the investment's initial value.
Successive Years
Consecutive years; years following one after another in a sequential order.
Annual Rate of Return
The percentage of profit or loss on an investment over the period of a year.
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