From my understanding investments fall under cash, but I'm not sure about the rest...
Is there a definitive rule for determining what is and isn't a liability?
Murphy & Company started operations this month and had the following transactions during the month: (1) investment by owners $30,000, (2) cash obtained from bank loan $20,000, (3) services were sold to customers worth $10,000 who will pay cash next month, (4) utilities paid $500 and (5) wages of $500 are owed to employees and will be paid next month. What are the total liabilities for the company at the end of the month?
