What are long-term liabilities

Problem 1. Georgia Lazenby believes a current liability is a debt that can be expected to be paid in one year. Is Georgia correct? Explain.

Problem 2.

a. What are long-term liabilities? Give two examples.
b. What is a bond?

Problem 3. Contrast these types of bonds:

a. Secured and unsecured.
b. Convertible and callable.

Problem 4. Valentin Zukovsky says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ?

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Finance Basics: What are long-term liabilities
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