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    saraheliza's Avatar
    saraheliza Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 14, 2008, 09:59 PM
    Determining liabilities
    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?
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
    Uber Member
     
    #2

    Apr 15, 2008, 04:42 AM
    Reopened.

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