Question

On may 31, 2022, hughes construction recorded $50,000 in bonds payable, $30,000 in notes payable, $9,000 in wages payable, $3,000 in accounts payable, and $1,450 in taxes payable. How are all of these accounts similar?.

Answer 1

All of them represent liabilities that must be paid back at some specified point in the future.

What are liabilities?

Liabilities are financial obligation of a company that results in the company's future sacrifices of economic benefits to other entities.

There are various reason why a company would incur liabilities:

• Human error.
• Environmental damage.
• Defective product/work.
• Natural hazards.

Hence, all of the above represent liabilities that must be paid back at some specified point in the future.

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