Elise gathered details about her finances to create a financial assets and liabilities record. Which represents one of her liabilities? A. her checking account balance of $2827 B. her jewelry valued at $1375 C. balance of $9460 on her auto loan D. rental property valued at $132,000

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Bruce Blevins

Mathematics

13 January, 23:29

Elise gathered details about her finances to create a financial assets and liabilities record. Which represents one of her liabilities? A. her checking account balance of $2827 B. her jewelry valued at $1375 C. balance of $9460 on her auto loan D. rental property valued at $132,000

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Rosebud · Answer 1

Remember that a liability is an obligation to pay for something or it is simply a debt. This is recorded on the right side of the balance sheet. Examples of liabilities includes loans, payables, mortgages, deferred revenues, and accrued expenses. So from the given choices above, the answer would be C since it is the only loan in the choices and also a, b, and d are examples of assets.