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vlada-n [284]
2 years ago
9

What is the total of tim’s liabilities if he has recorded $50,000 in assets and $40,000 equity on a balance sheet?

Business
1 answer:
miss Akunina [59]2 years ago
7 0

Total assets = Total liabilities + Total stockholders' equity

Total liabilities = Total assets - Total stockholders' equity

Total liabilities = $50,000 - $40,000

Total liabilities = $10,000

Hence, the total of Tim's liabilities is $10,000.

Responsibility is the responsibility of the individual or company and is usually the amount. Debts are settled over time by the transfer of economic interests, including money, goods, or services. The liabilities shown on the right side of the balance sheet include loans, liabilities, mortgages, income receivable, borrowings, guarantees, and accrued expenses.

Liability can be compared to assets. Debt is what you owe or owe. An asset is something you own or owe. In general, liability is an obligation between one party and another that has not yet been exempted or paid. In the accounting world, financial liabilities are also obligatory but are more likely to be defined by past commerce, events, sales, asset or service exchanges, or those that will generate economic benefits in the future.

Learn more about Liability here: brainly.com/question/24534918

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