Accounts Payable and Accrued Liabilities

12 Months Ended

Jul. 31, 2020

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)	2020		2019
Accounts payable to sellers	$	92,013	$	68,427
Buyer deposits and prepayments	89,020		73,421
Trade accounts payable	40,906		45,520
Accrued compensation and benefits	42,053		41,400
Taxes payable	17,036		3,881
Accrued insurance	9,315		8,507
Other accrued liabilities	28,187		29,762
Total accounts payable and accrued expenses	$	318,530	$	270,918

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.