Lachgar Industries disclosed estimated product warranty payable for comparative years as follows: Presume that Lachgar's sales were $194,201 million in Year 2 and that the total paid on warranty claims during Year 2 was $15,364 million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash on the business relative to the quick current assets and other longer-term