Working-Capital Management Current liabilities short-term notes, accrued expenses accounts payable Long- Term Debt and equity bonds, preferred stock, common stock Which are more expensive for the firm? Which help avoid risk of illiquidity?Working-Capital Management • Current Liabilities – short-term notes, accrued expenses, accounts payable • Long-Term Debt and Equity – bonds, preferred stock, common stock • Which are more expensive for the firm? • Which help avoid risk of illiquidity?