$65,000 is the amount of liabilities.
Cash + Accounts Receivable + Equipment − Equity = Liabilities$35,000 + $41,000 + $72,000 − $83,000 = $65,000.
The term "liability" can refer to both your responsibility for something as well as a debt you have to another party for goods or services. The amount of property taxes a homeowner owes to the city or the amount of income tax he must pay to the federal government are two examples of his tax obligations.
All types of short-term and long-term responsibilities are included in liability. Read more, including accrued wages, income tax, etc. Debt does not, however, encompass all immediate and long-term commitments, such as salaries and taxes. Only debts that result from borrowing, such as bonds and bank loans, are payable.
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