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Dimitri wrote to Pat offering to sell his neo-expressionist painting "Red Sails in the Sunset" for $25,000.Pat replied that he could not really pay more than $18,000 for the painting.Dimitri replied that he was greatly hurt and deeply insulted by such an offer,especially from someone who was supposed to be a connoisseur of fine art,but that,since he was a little tight for cash,he would be willing to let it go to Pat for $13,000 for old times' sake.Pat immediately replied,saying that he accepted the painting at $13,000 and enquiring whether Dimitri wanted it in cash.Dimitri then realized that he had typed "$13,000" instead of "$23,000" in his second letter to Pat.
Net Assets
The total assets of an organization minus its total liabilities, representing the owners' or shareholders' equity.
Credit Balance
A situation where the amount of credits in an account exceeds the debits, often indicating money owed by the institution to the account holder.
Long-Term Liabilities
Debts or obligations a company owes that are due beyond one year's time, such as bonds payable, long-term leases, or pension obligations.
Common Stock
A type of equity security that represents ownership in a corporation, with holders typically having a vote in corporate matters.
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