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 monthly mortgage of $910 would be considered a liability for Mr. Morgan as it is a kind of loan taken by Mr. Morgan and the rest of the given amounts are considered as revenues.

What is the balance sheet?

The balance sheet is an accounting statement that records the assets and liabilities & equity at the closing of an accounting year. The liabilities and equity is recorded as the first head whereas the second head are the assets.

According to the data provided, the mortgage of $910 is treated as a liability for Mr. Morgan.
He records the mortgage as a non-current liability because it is a type of long-term loan taken by him which has to be paid back after a period of one year.
The yearly salary of $38,000, sales commission of 5%, and the rental income of $680 are considered to be the revenues for Mr. Morgan.

Therefore, the mortgage of $910 would be the only liability for Mr. Morgan.

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