If a nursery owner has a $250, 000 mortgage on his land and he owes Farm Credit Service $30, 000 for this years payment, what amount should be entered on the non-current liability line of the financial statement?

FUNDAMENTALS OF HORTICULTURE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

If a nursery owner has a $250, 000 mortgage on his land and he owes Farm Credit Service $30, 000 for this year’s payment, what amount should be entered on the non-current liability line of the financial statement?

A	$30, 000
B	$220, 000
C	$250, 000
D	$280, 000

Explanation:

Detailed explanation-1: -Wealth refers to the value of what you own (your house, cars, bank account and other investments) minus the amounts you owe (mortgage, credit card and other loan balances). In other words, it is your assets minus your liabilities (also called debts). Wealth is also called Net Worth or Equity.

There is 1 question to complete.

HORTICULTURE SCIENCE

FUNDAMENTALS OF HORTICULTURE