1. In your own words, tell me the difference between a current liability, long-term liability, and contingent liability and give an example of each. Also, specify why different types liabilities exist in business and what purpose they serve. How do debt liabilities help with a company's operations?
2. Search online for a real-life company (provide a link to their website). Think about their business operations and provide at least 4 types of of liabilities, either current or long-term liabilities. You should also take a look at their financial statements.