2 ms·
That's not what assets and liabilities are ... Your bag of trash would still be listed on the Assets side but expenses on trash removal would be on the liabili
by lesuorac 3y ago
That's not what assets and liabilities are ...
Your bag of trash would still be listed on the Assets side but expenses on trash removal would be on the liabilities side.
- singleshot_ 3y agoIt depends. If you feel that metaphor is poor let's try this: One bag of trash magically turns into a loan that I have taken from a bank. I am obligated to repay $35 at an adjustable interest rate. Because I don't like risk, I pay another bank $45 and they take over the loan. Now I have assets and the second bank has the liability (the first bank, of course, still lists the loan as an asset).