3. Name an appropriate name of a short-term liabilities.

a. What is a short-term liability that is owed to a supplier for inventory?

b. What is a short-term liability that is owed to shareholders?

c. What is a short-term liability that is owed to a creditor for borrowing money?

d. What is a short-term liability that is owed to customers for advanced payment?

e. What is a short-term liability that is owed to governments for income earned?

4. Name two advantages of corporation relative to partnership or sole proprietorship.