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Rangle contracts with Siena to buy a certain horse for her.Rangle makes a deal with Timberline Stables,the owner of the horse,and makes a down payment.Siena fails to pay the rest of the price.Timberline sues Rangle for breach of contract.His right to hold Siena liable for any damages that he has to pay is the right of
Liabilities
Financial obligations or debts owed by a business to another entity, payable in the future.
Owner's Equity
The residual interest or ownership claim in the assets of an entity after deducting its liabilities.
Balance Sheet
A financial statement that reports a company's assets, liabilities, and shareholders’ equity at a specific point in time.
Liabilities
Financial obligations or debts a company owes to external parties or entities.
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