Bob’s Steakhouse can either pay its suppliers within 30 days at a 1% discount or pay the full amount due in 60 days. The firm can also borrow from banks by signing short-term notes payable at an interest rate of 10% per year. Pat Forebode, the firm’s treasurer, advises that the firm pay all its bills in full in 60 days, thereby taking full advantage of “interest-free” supplier accounts payable. Evaluate Pat’s proposal. Identify where the liabilities associated with each proposal would be shown on the financial statements. LOP9