x company, a merchandiser, had the following transactions in august: borrowed $30,000 from a bank. bought equipment costing $10,100, paying the manufacturer $5,700 in cash and promising to pay the remaining $4,400 next month. paid utility expenses of $5,479. purchased a $5,000, five-year insurance policy, paying for three years in advance. paid back a previous loan for $3,380. 7. if total liabilities on august 1 were $33,174, what were total liabilities on august 31?

You must add up all transactions that increased liabilities and deduct any transactions that decreased liabilities in order to get the total liabilities as of August 31.

Liabilities rise by $30,000 as a result of borrowing $30,000.

Liabilities increase by $4,400 after spending $5,700 cash to purchase equipment costing $10,100.

Liabilities increase by $5 479 after paying utility costs.

Liabilities grow by $5,000 when an insurance policy worth $5,000 is purchased and paid for three years in advance.

Liabilities are reduced by $3,380 by repaying a prior debt.

Adding all the transactions, the total change in liabilities is $30,000 + $4,400 + $5,479 + $5,000 - $3,380

= $41,599.

Therefore, the total liabilities on August 31 were $33,174 + $41,599 = $74,773.

Liability can also include owing someone money or services, although it usually refers to being responsible for something. For instance, a homeowner's tax obligation may include the sum of city property taxes owed or the sum of federal income taxes owed.

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