16:09
Just got my Michigan rejection
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Simple English definitions for legal terms
assets entre main
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A quick definition of assets entre main:
Assets are things that someone owns and that have value. This can include things like money, inventory, equipment, and property. When someone dies or goes bankrupt, their assets are used to pay off debts or are distributed to others. There are different types of assets, such as current assets that can be easily turned into cash, and fixed assets that are used in a business or to produce goods. Some assets, like uncollectible accounts receivable, are considered worthless.
A more thorough explanation:
Definition: An item that is owned and has value. It can also refer to the entries on a balance sheet showing the items of property owned, including cash, inventory, equipment, real estate, accounts receivable, and goodwill. All the property of a person (especially a bankrupt or deceased person) available for paying debts or for distribution is also considered assets.
- A car that you own is an asset because it has value and can be sold for money.
- A company's assets may include cash, inventory, and equipment.
- When a person dies, their assets are used to pay off any debts they may have had and to distribute the remaining property to their heirs.
The examples illustrate that assets can be physical items, such as a car, or financial items, such as cash or accounts receivable. They also show that assets can be used to pay off debts or distributed to others.