Did you read how "Late" Payments are treated? Late Payments are those not received by the agreed date. (For the Hoplessly Confused.) They are carried as Liabilities; if my memory is correct. Can't figure out why, my mind is not Confabulated enough to Qualify as an Accountant. Although I DO have a Granddaughter who is an Actuarial Accountant in a big Investment Firm! I don't quote her to back up my statements like Sombody uses Relatives to back up their statements. Just a Family Pride Thing!
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