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A liability is anything owed to one company/person by another.If you owe money to someone it is a liability.
liability
Money you owe is a liability.
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
Its a liability, an amount your company owe to that customer.
A liability is anything owed to one company/person by another.If you owe money to someone it is a liability.
liability
Money you owe is a liability.
Any money you owe to someone else is a liability to you and an asset for them. You have to pay (liability) and they get to receive (asset).
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
You don't owe me anything for this answer.
Creditors in a balance sheet, are the companies, people etc... that you owe money to. They could be utilites, materials purchased, or anything that you have not yet paid for, but have received. This is the opposite of Debtors - people that owe you money.
Yes.... a credit card balance is money owed by the card-holder to the company. Therefore it is a liability.
Its a liability, an amount your company owe to that customer.
If you did not owe any federal income tax in 2021, it means you did not have to pay any taxes to the government for that year.
To decrease a liability account, you can either pay off the debt or make a payment towards the amount owed. This reduces the amount of money that you owe, resulting in a decrease in the liability account.
A liability is something you "owe" another person or company. A credit liability "usually" refers to a credit you owe, for example, an account payable may be classified as a "credit liability". Let's say your company purchased a computer system on credit, the balance you owe for the purchase is your "credit liability."This is a distinction between other liabilities the company owes, such as Salaries Payable, Income Taxes Payable, etc, as these "payable accounts" are generally not of the "credit line", just a debt owed. Credit Liability is generally something the company owes by way of "credit", this does not include other operating expenses.