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1 Why is Accounts Payable classified as a current liability? 2 On which financial statement are current liabilities reported? 3 What is the difference between

1 Why is Accounts Payable classified as a current liability?

2 On which financial statement are current liabilities reported?

3 What is the difference between a noncurrent liability and a current liability? 4 What specific accounts are recognized when a business purchases equipment on credit?

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