Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [liabilities]

14 questions
22
votes
7 answers

"Buy assets, not liabilities": How is it possible to buy a liability?

Some personal finance gurus such as Robert Kiyosaki claim that people should "buy assets, not liabilities". This made me wonder: is it even possible to buy a liability? From what I have observed, everything I have spent my money on is either an…
Flux
  • 17,301
  • 12
  • 74
  • 138
5
votes
2 answers

How would a collection against me affect my credit

I went to a new city two weeks ago and rented a 2011 Civic in the meantime. On the last week of the rental, someone hit my car in the front bumper in a parking lot. The damage was a 2 by 3 inch dent in the front bumper. There were pre-exisiting…
f1StudentInUS
  • 2,756
  • 2
  • 27
  • 35
4
votes
2 answers

How do I use a liability account (in ledger-cli)?

I don't think this is only applicable to the software, but it's the one that I'm using. In the documentation it talks about using charitable giving (e.g. tithing) as a Liability. An example for 10% tithing would look like this: = /^(?:Income)/ …
Wayne Werner
  • 1,161
  • 1
  • 10
  • 15
3
votes
2 answers

How should I document mandatory furlough in GNUCash?

My union contract requires a certain number of furlough hours be taken over the next year and a half. Furloughs are basically unpaid vacation--I don't show up, and don't get paid. How should I represent this obligation in GNUCash? I have a fairly…
jldugger
  • 7,437
  • 3
  • 35
  • 57
2
votes
1 answer

Where to record existing assets when starting double-entry accounting

Very rarely would anyone start recording their accounting with zero assets or liabilities. Question is - under which account would you record them? Specifically, if you own property, you would debit Assets - Property, but what would you credit? (I'm…
jraede
  • 35
  • 1
  • 3
1
vote
2 answers

Total assets and current assets

I was looking into company investment data and was doing some ratio calculation when I stumbled upon 4 Terms "Total Assets", "Current Assets", "Total Liabilities", "Current Liabilities". My instinct tells me that Total Assets should always be >…
Matas Vaitkevicius
  • 398
  • 2
  • 19
1
vote
2 answers

How do I calculate my own assets?

What should I include in my asset calculations? How do I know what is an asset and what is a liability?
Andrew Welch
  • 907
  • 3
  • 8
  • 14
1
vote
2 answers

Receive liability as a present

My parents in law want to give my kids a used car as a present for their 17th birthday (about 8000 dollars). I know that this is going to add about 250 monthly on gas+taxes+maintenance to our expenses. Since we have just started to save as much as…
Andres
  • 133
  • 4
1
vote
0 answers

Liability of Open Ended Investment Company in Ireland

As fas as I was able to find in web, there are three main company types in Ireland: Limited companies Unlimited companies Funds I need to know a liability of the shareholders of Open Ended Investment Company. I suppose that it should be a limited…
Vitalii
  • 163
  • 4
0
votes
1 answer

Credit card expenses showing as Liabilities in QuickBooks

I have a business and I have a company credit card. I have linked this card with my QuickBooks online account. When I pull a "balance sheet comparison" report for the year, it is showing an amount in the "Total Liabilities" line. Here is a…
Josh
  • 145
  • 1
  • 5
0
votes
2 answers

How to find total equity from balance sheet of a company?

I was looking for balance sheet of a company to know about it's total assets, liabilities and equity price. I tried apply basic formula to get equity, which is 'Assets = Liabilities + Equity'. But, I found equity to be zero as both assets and…
abhishek
  • 1
0
votes
1 answer

Can shareholders’ equity be more than total assets?

I was just learning about DuPont Identity on investopedia with this example: #DuPont Identity Example Calculation Assume a company reports the following financial data for two years: Year one net income = $180,000 Year one revenues = $300,000 Year…
MattSom
  • 103
  • 4
-2
votes
1 answer

What is a term for the elements of a balance sheet?

What is a term for the elements of a balance sheet? Specifically I need a term that includes assets, liabilities, and owners equity. This term (t) needs to be one where I can say x "is a" t where x varies over the terms assets, liabilities, and…
David Mokon Bond
  • 49
  • 7