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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Distinguish between a legal and an equitable or constructive liability. Give an example of each.

To determine

Differentiate between a legal and an equitable or constructive liability with example.

Explanation

Liabilities: The claims that the creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities.

Differentiate between a legal and an equitable or constructive liability:

Legal liabilityConstructive or equitable liability
A legal liability is...

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