Matt wants to start a bait shop and does not have the capital. The strategy that is available to matt in order for him to start selling worms is long term liability.
Long-term liabilities are a company's debts that aren't due for another year or more. To give a clearer picture of a company's current liquidity and its capacity to pay current liabilities as they fall due, the current portion of long-term debt is broken out separately on the balance sheet. Long-term debt and noncurrent liabilities are other names for long-term obligations. Long-term obligations are ones that are due beyond a year.
On the balance sheet, they are listed separately.
Long-term liabilities can be paid off by a variety of current and upcoming company operations, but short-term liabilities must be met with current assets.
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