Give true answer this financial accounting question A Statement of Financial Position (Balance Sheet)shows liabilities of $125,000 and assets of $240,000.The Income Statement shows income of $80,000 andexpenses of $35,000. Equity is:a. $45,000.b. $115,000.c. $160,000.d. $365,000.

Step 1: Define Balance SheetA balance sheet is a financial statement that is prepared at the end of…

Answered: A Statement of Financial Position…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1E

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Financial Accounting

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A Statement of Financial Position (Balance Sheet) shows liabilities of $125,000 and assets of $240,000. The Income Statement shows income of $80,000 and expenses of $35,000. Equity is: a. $45,000. b. $115,000. c. $160,000. d. $365,000.