At the end of the fiscal year, Global Services Corporation had total assets of $875,000 and total equity of $525,000. How much were Global Services Corporation's liabilities? A. $1,400,000 B. $875,000 C. $350,000 D. $525,000

At the end of the fiscal year, Global Services Corporation had total assets of $875,000 and total equity of $525,000. How much were Global Services Corporation's liabilities? A. $1,400,000 B. $875,000 C. $350,000 D. $525,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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Question

Please explain the solution to this general accounting problem with accurate principles.

At the end of the fiscal year, Global Services Corporation had total assets of $875,000 and
total equity of $525,000. How much were Global Services Corporation's liabilities?
A. $1,400,000
B. $875,000
C. $350,000
D. $525,000

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