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xz_007 [3.2K]
2 years ago
9

Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale brought in $500,000 and the total liabilities on the h

ome were $425,000. Who receives the additional $75,000
Business
1 answer:
julsineya [31]2 years ago
4 0

Neal receives the additional $75,000.

<h3>What are liabilities?</h3>
  • A liability is defined in financial accounting as the future sacrifices of economic benefits that an entity is obligated to make to other entities as a result of past transactions or other past events, the resolution of which may result in the transfer or use of assets, provision of services, or another future yielding of economic benefits.
  • A company's assets are what it owns, while its liabilities are what it owes.
  • Both are included on a firm's balance sheet, which is a financial statement that demonstrates the financial health of the company.
  • Equity, or an owner's net worth, is equal to assets with fewer liabilities

Liability Examples -

  1. Bank indebtedness Debt from a mortgage.
  2. Suppliers owe money (accounts payable) Wages are owing.
  3. Taxes are owing.
  • In the given situation Neal was the owner and so it will have the liability of $425,000 and the additional amount of $75,000.

Therefore, Neal receives the additional $75,000.

Know more about liabilities here:

brainly.com/question/24534918


#SPJ4

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3 0
2 years ago
Difference between horticulture and floriculture
Serjik [45]
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4 0
3 years ago
Read 2 more answers
Briefly explain the field of money management.
Arada [10]

Answer:

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3 0
3 years ago
The new owner of a beauty shop is trying to decide whether to hire one, two, or three beauticians. She estimates that profits ne
Vinvika [58]

Answer:

the expected annual profit for the number of beauticians is $70,000

Explanation:

The computation of the expected annual profit for the number of beauticians is shown below:

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hence the expected annual profit for the number of beauticians is $70,000. The same is to be considered

All other information that are mentioned should be ignored

3 0
3 years ago
Assume a companys income statefor year 9 is as follows:
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Answer:

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= 24.77%

Therefore we have applied the above formula and hence option is not available.

6 0
3 years ago
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