Ask Experts Questions for FREE Help !
Ask
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Warranties and Liabilities [ 4 Answers ]

Hello, Is a two year free maintenance warranty on a vehicle considered a liability? Also, is the purchase of land with common stock when the land is to be stated at more than the par value of the stock considered a liability? Thanks, Eric

Transfer of Liabilities [ 1 Answers ]

How can a LLC transfer liabilities to a Corporation? They have the same owner.

Liabilities Question [ 1 Answers ]

12. Georgia Tent Company’s total liabilities on August 31, 2002 were $200,000. On September 1, 2002, the Georgia Tent Company purchased $100,000 of supplies on account from Camper World. On September 25, 2002, Georgia Tent purchased an additional $50,000 of supplies on account from Rural Vendors....

Liabilities question [ 5 Answers ]

If, during an accounting period, assets increased by $80,000. And owner's equity decreased by $15,000, what change occurred to the total liabilities? I answered a decreased o f$65,000. But I'm not sure Help please. Dell

View more questions Search