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Identify each of the following items by writing one of the words asset, liability, or owner's equity
Identify each of the following items by writing one of the words asset, liability, or owner's equity.
a. a truck that the business owns.
b. a bank loan.
c. assets minus liabilities.
d. cash on hand.
Expert Solution
Asset, liability, or equity:
a. a truck that the business owns: asset
A property that the company owns is an asset.
b. a bank loan: liability
An obligation that the company is liable to repay is a liability.
c. assets minus liabilities: equity
As per accounting equation assets = liabilities + equity
d. cash on hand: asset
A property that the company owns is an asset.
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