General accounting question A Statement of Financial Position (Balance Sheet) shows liabilities of$180,000 and assets of $295,000. The Income Statement showsincome of $75,000 and expenses of $42,000. Equity is:a. $33,000.b. $115,000.c. $148,000.d. $380,000.

Step 1: Definition of EquityEquity represents the residual interest in a company's assets after…

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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A Statement of Financial Position (Balance Sheet) shows liabilities of $180,000 and assets of $295,000. The Income Statement shows income of $75,000 and expenses of $42,000. Equity is: a. $33,000. b. $115,000. c. $148,000. d. $380,000.