exists and is an alternate of . Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. Expenses are the cost of operating the business and affect the net income. Expenses include things such as utilities, supplies, insurance, rent, etc. While liabilities are listed on the balance sheet, expenses are not. Also, Liabilities decrease Owners Equity (Stockholders Equity) while Expense decrease Net Income. Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. <br /><br /> Expenses are the cost of operating the business and affect the net income.
The law basically requires covered landlords to change or re-key the locks when a tenant moves out and before a new tenant moves in. There is an exception when the tenant, by way of lease, has obtained the right to change or re-key the dwelling unit.
Is the water bill the landlordâs responsibility or the tenantâs? The answer seems to be as elusive as the one to the age-old question: Which came firstâ¦ the chicken or the egg? But, I assure you, there is a definitive answer. Unless otherwise stated in the lease, the water (or water/sewage) bill falls under the utility umbrella. So if the lease says, Tenant is responsible for all utilities associated with Property, then the water bill is their responsibility. If the lease denotes that water is built into the monthly rent charge then, obviously, the water bill falls on the landlordâs shoulders for payment.