A check given by a company for $340 in payment of liability was in the diary as $430. This item to be included on the bank as an addition to the balance per the firm's records.
<h3>What are payment liabilities?</h3>
Payment Liabilities means all Penalties other than
(i) contingent obligations of Borrower regarding which neither Agent nor any Lender has asserted a claim against Borrower, and
(ii) non-monetary commitments of performance; provided, that Payment Liabilities shall include the Letter of Credit Responsibilities
The payment of a liability reduces assets and liabilities as the liability could be paid only through paying cash or cash equivalents hence it reduces the asset when the liability is paid off then it is decreased.
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Answer: $438
Explanation:
Antoine's tax basis in the stock received in the exchange will be gotten as the adjusted basis of asset exchanged which will then be decreased by the liability assumed on the property that's transfered. This will be:
= $535 - $97
= $438
Therefore, Antoine's tax basis in the stock received in the exchange is $438.
Guaranteeing future dividends is considered to be an unfair or deceptive act known as misrepresentation.
Misrepresentation is a false or misleading statement of fact made by one party to another party during a negotiation that misleads the other party into entering into a contract.
Misrepresentation means making a false or misleading statement or any other misleading statement with the intent to mislead. It's a serious omission. Misrepresentation is one component of common law fraud and one source of fraud, including: B. Securities Fraud.
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