Answered: If equity is $300,000 and liabilities…

Business

Accounting

If equity is $300,000 and liabilities are $192,000, then assets equal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If equity is $300,000 and liabilities are $192,000, then assets equal:
A.
B.
C.
D.

Expert Solution

Step 1

Balance of both side of balance sheet should be equal.

It means Total of equity and liabilities is equal to total of asset.

Assets = equity + liabilities

Step by step

Solved in 3 steps

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