Accounts Payable and Accrued Liabilities

12 Months Ended

Jul. 31, 2021

Accounts Payable and Accrued Liabilities

NOTE 7 — Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


	July 31,
(In thousands)	2021		2020
Accounts payable to sellers	$	123,642	$	92,013
Buyer deposits and prepayments	105,369		89,020
Trade accounts payable	39,595		40,906
Accrued compensation and benefits	50,688		42,053
Taxes payable	10,953		17,036
Accrued insurance	8,328		9,315
Other accrued liabilities	31,251		28,187
Total accounts payable and accrued expenses	$	369,826	$	318,530

The Company is required to charge for and to collect value added taxes ("VAT") on its sales on behalf of the various international taxing authorities. The Company records VAT that the Company has billed to the buyers as VAT payable. In addition, the Company is required to pay VAT on our purchases. The Company records VAT that is charged by its vendors as VAT receivable. The Company is required to file VAT returns on at least a quarterly basis with the various international taxing authorities and are entitled to claim the VAT charged by the Company's vendors as VAT credit and these credits can be applied to the Company's VAT payables billed to the buyers. Accordingly, these VAT payables and receivables are presented as net amounts for financial statement purposes.

The Company is partially self-insured for certain losses related to general liability, workers’ compensation and auto liability. Accrued insurance liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date, including an estimate for reported and unreported claims. The estimated liability is not discounted and is established based upon analysis of historical data, including the severity of the Company’s frequency of claims, actuarial estimates and is reviewed periodically by management to ensure that the liability is appropriate.