Mr. morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. he has a mortgage of $910 a month and pays $175 a month for utilities. mr. morgan owns a rental property for which he receives $680 per month. which is a liability?
the yearly salary
the commission
the mortgage
the rental property

the mortgage.

Explanation:

Lets first match each statement with a finance concept and then see the detailed explanation:

In finance (accountiing) liabilities are economic obligations that have to be paid in the near or far future.

The economic goods may be either assets, liabilities or equity, and they are related by the finance equation:

In essence, that equation tells that any economic asset is either owed to others (you have ot pay for them in near or far future) or you own it (you have already paid for it).

Lets review each of the answer choices:

         Mr. Morgan earns $38,000 a year: this is  his income; it is not received at once but monthly, bi-weekly or weely. Every payment that Mr Morgan receives will be an asset once he receives it.

        Mr. Morgan earns a 5% commission on all his sales: such as the salary, this is income, and once it is received it will be an asset for Mr Morgan.

        He has a mortgage of $910 a month: this is a debt, an economic obligation that Mr Morgan acquired and he must paid. So, this is a liability, and is the right choice that answers the question.

       Mr. Morgan owns a rental property for which he receives $680 per month: this is an asset, something that belongs fo Mr. Morga. That property belongs to Mr. Morgan. Hence it is an asset.

The option that best fits the description of a liability is :

C. the mortgage

Hope this helps!

the answer is c

step-by-step explanation: