Liability
A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
purchase return is assets or liability or expense
It is assets
assets
Liability
A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
Assets- Liabilities = Owners Equity :)
accounting equation assets = liabilities + capital so if assets increases either liability or capital will increase for this purpose 1. assets means both long term assets and short term assets 2. capital means owners equity 3. liability means outsliders liability
purchase return is assets or liability or expense
It is assets
assets
If asset is increased it is Debited in Ledger and if liability increases it is credited. Accounts Receivables are treated as assets. Both Assets and Liabilities are shown in face of Statement of Financial Position.
Net assets
A person's age has nothing to do with how much liability insurance they need to carry. It really depends on how much damage and injuries they plan on doing to someone if they hit them in an accident that is the 59 year old's fault. The actual answer is as much as you can afford because you don't know how much damage you may do in an accident. If the person has assets they need to purchase liability insurance in an amount that at least exceeds the value of their assets. This is not to say that they could not be liable for an amount more than their assets as they could have their wages and income garnished for the rest of their life.
NO! The accounting equation isAssets = Liability + Owners EquityTherefore if you want to change the formula around the following would be correct.Liability = Assets - Owners EquityorOwners Equity = Assets - Liabilities
Assets