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An Idaho resident bought a large quantity of jeans over the Internet from a Maine company. When a dispute over the quality of the product arose, the Idaho resident sued the Maine company in Idaho state court. When the Maine company protested, the supreme court of Idaho, in Blimka v. My Web Wholesalers, held that the buyer:
Withdrawals
Amounts of money taken out from a bank account, investment fund, or retirement plan, often referring to the owner's use of funds for personal use.
Total Liabilities
The sum of all monetary obligations a company owes to external parties, such as loans, accounts payable, and mortgages.
Owner's Equity
Represents the residual interest in the assets of a business after deducting liabilities, essentially the net worth belonging to the owners.
Total Assets
Represent the sum of all assets a company owns, including cash, inventory, property, and equipment, among others, showing the total value of what the company controls.
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