if machinery is bought by signing a promissory note will be considered an asset and a liability?
358913
To record the purchase of machinery with a note\nDebit machinery (to record the asset on the books)\nCredit Note payable (to record the liability on the books)
929345
EXHIBIT 10.23\n\nAMENDMENT NO. 3 TO\nLETTER OF CREDIT, LOAN AND SECURITY AGREEMENT\nAND PROMISSORY NOTE\n\nTHIS AMENDMENT NO. 3 TO LETTER OF CREDIT, LOAN AND SECURITY AGREEMENT AND PROMISSORY NOTE (this "Amendment) is made as of this 31st day of October, 1999, between MOBILITY ELECTRONICS, INC., formerly known as Electronics Accessory Specialists International, Inc., a Delaware corporation, (the "Borrower"), and BANK OF AMERICA, N.A., successor to NationsBank N.A., a national banking association (the "Bank").\n\nRECITALS\n\nWHEREAS, on May 6, 1998, the Bank and the Borrower executed and delivered a Letter of Credit, Loan and Security Agreement (the "Loan Agreement", all capitalized terms used and not specifically defined herein to have the meaning given to such terms in the Loan Agreement), as previously amended by Amendment No. 1 and by Amendment No. 2 (hereinafter defined), pursuant to which the Bank agreed to make direct advances of the Loan to the Borrower and to issue Standby and Commercial Letters of Credit for the account of the Borrower, in the aggregate amount outstanding at any one time not to exceed United States One Million Five Hundred Thousand Dollars ($1,500,000), to provide the Borrower with working capital financing in connection with the export of portable computer accessories; and\n\nWHEREAS, the Export-Import Bank of the United States ("EXIMBANK") guaranteed a portion of the Borrower's Obligations under the Financing Documents, pursuant to the EXIMBANK Guaranty; and\n\nWHEREAS, on May 6, 1999, the Bank and the Borrower executed and delivered Amendment No. 1 to Letter of Credit, Loan and Security Agreement and Promissory Note ("Amendment No. 1") for the purpose of extending the Termination Date and the maturity date for the Borrower's Obligations from May 6, 1999, to August 6, 1999;\n\nWHEREAS, in August of 1999, the Bank and the Borrower executed and delivered Amendment No. 2 to Letter of Credit, Loan and Security Agreement and Promissory Note ("Amendment No. 2") for the purpose of (a) extending the Termination Date and the maturity date for the Borrower's Obligations to October 30, 1999, and (b) decreasing the Bank's Commitment from $1,500,000 to $750,000; and\n\nWHEREAS, the Borrower has again requested the Bank to extend the Termination Date and the maturity date for the Borrower's obligations to March 31, 2000;\n\n2 WHEREAS, the Bank is willing to accommodate the Borrower's request to further extend the Termination Date and the maturity date of the Borrower's Obligations subject to the terms and conditions of this Amendment.\n\nAGREEMENTS\n\nNOW, THEREFORE, in consideration of the actual agreements herein and other good and valuable consideration, the Borrower and the Bank hereby agree as follows:\n\n1. Extension of Termination Date. The Loan Agreement is hereby amended to provide that the Termination Date is extended until March 31, 2000, whereupon the Bank will no longer make advances of the Loan to the Borrower or issue Standby or Commercial Letters of Credit for the benefit of the Borrower. The existing provisions of the Loan Agreement provide that, with certain exceptions, any Letters of Credit issued thereunder shall have an Expiry Date no later than the Termination Date, and the related Applications and Agreements of Letters of Credit require the Borrower to repay on demand any Letter of Credit Obligations arising with respect to Letters of Credit. With respect to any Letter of Credit having an expiry date after the Termination Date, the Loan Agreement requires that the related Letter of Credit Obligations shall be prepaid on the day immediately preceding the Termination Date.\n\n2. Extension of Maturity Date. The Promissory Note is hereby amended to provide that the maturity date is extended until March 31, 2000, whereupon all of the Loan Obligations shall become immediately due and payable.\n\n3. Intere
520234
I would conform to factory specs for your equipment. To do less will increase capital expenditure overall and void warranty.
396128
If you have brought your vehicle with out vat, it sa criminal affence.!!\nyou have to sell it with vat.
677212
Letter of Intent\n\nKind of like a pre-contract where you agree to purchase (real property or goods) at certain basic terms, with the rest of the terms to be agreed in the final contract.
587443
In THEORY the oral contracts are binding, unless they fall under "statute of frauds"(when writing is required, usually for real estate contracts or really large sums[1]).\nIn reality it is kind of hard to prove that the contract existed if it is not writing. Having witnesses might help, otherwise it is very hard.\nAlso i believe that in you case you have the documents for the SALE but not for the promise of return. This is called "collateral agreement" and will probably be exclude by Parole Evidence Rule.
785127
If there was a lawsuit won against the company for damages then the liablity is "Limited" to the assets of the company, not the assets of the owners of that company, that is the main difference, there are also different regulations regarding the reporting of accounts etc.
415913
Unless it was intentional, and can be proved, then no you are not liable.  It's called assumption of risk.  If you choose to purchase a home that is on the golf course you should know what to expect.
287651
legally whoever name is on the title(just like a car) owns the trailer. that dosen't mean they don't owe you the appreciated value of it if they went back on the deal but you would have to sue for it! agreements are both verbal and written but still binding.
253439
1).  What are you adjusting your notes payable for?  Interest Expense?  Current Maturity?  Interest Payable?\n\n2).  When was the "timber tract" purchased?  What is the useful life of the "timer tract"?  What method of depreciation are you using?  Just because you have a salvage value does not mean you fully depreciate it in the current year.  After you get the correct depreciation (using the above information), then you would debit depreciation expense and credit accumulated depreciation.
825170
A trailer if not attached to the land is (at least in my state) considered like a car. It it personal property, not real property. It will make no difference if her name is on the title as far as his credit is concerned.  It will matter if they ever break up, since he will have to give her half.\n\nPS. As I think more about this, the only problem I can see is that the holder of the note might have some clause about transfering title before the loan is paid off.  Read the contract first. But as long as she is not on the note, it will not affect his credit. I would not put her on the note. But again look at the contract.
354221
Yes, it will show as part of your assets, then at close of escrow the earnest money will show as a credit towards your down payment.
84579
Standard form 1040, and yes...loss of sale of any asset is deductable.
815671
If the term is longer than 12 months then YES the issuer would book the liability.
163917
The seller’s debt (mortgage) is reassigned to you and remains in first priority as a lien against the property.  Any further financing (junior financing) is considered a second on the property.  If the current note (mortgage) is at a good rate, assumption can be a good thing.  The bank already knows the property is worth the risk.
623804
THIS IS NOT LEGAL ADVICE.  YOU SHOULD SEEK ADVICE OF COUNSEL WITH KNOWLEDGE OF LOCAL LAWS.\n\nBetter check your loan agreement, promissory note or other debt instrument.  Many companies include in the terms of their debt instruments a right to call the full amount due at any time, at their discretion.  If this clause exists in your debt instrument then they may be within their rights to do so.  If the clause is not in your agreement you may have some ability to fight their claim for immediate full payment. \n\nGood luck!
288613
The laws are clear on this issue; minors cannot sign legally binding contracts.  If its a matter of income, you're broker should be able to help.  If you went directly with the bank, they'll just throw you a list of requirements w/o any help, so you're kinda stuck.  If its an ownership issue, anyone can be added or removed from title to prove proper ownership.  This is tricky because you don't want to lose a deal, feel free to contact me for further advice.