Mathematics, 18.10.2019 21:30 laureimaneaxel

Mr. morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. he has a mortgage of $910 a month and pays $175 a month for utilities. mr. morgan owns a rental property for which he receives $680 per month. which is a liability?
the yearly salary
the commission
the mortgage
the rental property

Answers: 3

Show answers

Answers

Answer from: bakerx8529

the mortgage.

Explanation:

Lets first match each statement with a finance concept and then see the detailed explanation:

Mr. Morgan earns $38,000 a year as a salesperson: income A 5% commission on all his sales: incomeHe has a mortgage of $910 a month: debt (liabiliy)[He] pays $175 a month for utilities: monthly expenseMr. Morgan owns a rental property: assetHe receives $680 per month: income.

In finance (accountiing) liabilities are economic obligations that have to be paid in the near or far future.

The economic goods may be either assets, liabilities or equity, and they are related by the finance equation:

Assets = Liabilities + Equity.

In essence, that equation tells that any economic asset is either owed to others (you have ot pay for them in near or far future) or you own it (you have already paid for it).

Lets review each of the answer choices:

The yearly salary:

Mr. Morgan earns $38,000 a year: this is his income; it is not received at once but monthly, bi-weekly or weely. Every payment that Mr Morgan receives will be an asset once he receives it.

The commission:

Mr. Morgan earns a 5% commission on all his sales: such as the salary, this is income, and once it is received it will be an asset for Mr Morgan.

The mortgage:

He has a mortgage of $910 a month: this is a debt, an economic obligation that Mr Morgan acquired and he must paid. So, this is a liability, and is the right choice that answers the question.

The rental propery:

Mr. Morgan owns a rental property for which he receives $680 per month: this is an asset, something that belongs fo Mr. Morga. That property belongs to Mr. Morgan. Hence it is an asset.

Answer from: kaeakal

The option that best fits the description of a liability is :

C. the mortgage

Hope this helps!

Answer from: Quest

yo answer should be 6 if im not mistaken

step-by-step explanation:

Answer from: Quest

i need more info. are you looked to see there mph? how much they deliver? how far they go?

step-by-step explanation:

Another question on Mathematics

Mathematics, 21.06.2019 19:30

Joel wants to buy a new tablet computer fram a store having a 20% off sale on all tablets. the tablet he wants has an original cost of $190. he also wants to make sure he has enough money to pay the 5% sales tax. part one joel uses the incorect expression 0.95(190)(0.8) to calculate that the tablet will cost him a total of $144.40. describe his error and write the correct expression part two how much will joel pay for the tablet show your work if you answer this question correctly you will receive a prize of 99 points good luck

Answers: 2

Answer

Mathematics, 21.06.2019 23:00

Bobs burgers bam has a special deal of 4 hamburgers for $6. at that rate, how much should it cost to buy 3 hamburgers?

Answers: 1

Answer

Mathematics, 22.06.2019 01:50

Me asap the graph shows the relationship between the price of frozen yogurt and the number of ounces of frozen yogurt sold at different stores and restaurants according to the line of best fit about how many ounces of frozen yogurt can someone purchase for $5? 1 cost of frozen yogurt 1.5 2 13 15.5 cost (5) no 2 4 6 8 10 12 14 16 18 20 size (oz)

Answers: 1

Answer

Mathematics, 22.06.2019 02:00

The deepest part of the swimming pool is 12 feet deep.the shallowest part of the pool is 3 feet deep.what is the ratio of the deeply of the deepest part of the pool to depth of the shallowest part of a pool?

Answers: 1

Answer

You know the right answer?

Mr. morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. he has a mort...

Questions