A balance sheet at the end of period 4 shows I have liabilities of about $3,000 to pay back a loan I took out during period 1. However, according to the CEO simulation I'm participating in, the debt for the loan has been retired and has a balance of $0 at the end of period 4. Why does my balance sheet show I have liabilities of $3,000 at the end of period 4? (the sole reason I have had any liabilities throughout the simulation is to pay back the loan). There is no more pertinent information I can add. I'm just trying to figure out if my total liabilities of about $3,000 at the end of period 4 (even though the simulation says it's retired with a $0 balance) should be considered debt when I calculate debt utilization ratios.