If equity is $340,000 and liabilities are $195,000, then assetsequal:a. $195,000b. $340,000c. $535,000d. $145,000e. $875,000

Step 1: This is the question of accounting equation. Accounting equation or balance sheet equation…

Answered: If equity is $340,000 and liabilities…

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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Total assets are $12.0 million, with $4.0 million being long-term assets. Current liabilitiesare $2.5 million and total liabilities are $6.5 million. The current ratio would be closest to:a. 1.6.b. 1.8.c. 3.2.d. 4.8.

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If equity is $340,000 and liabilities are $195,000, then assets equal: a. $195,000 b. $340,000 c. $535,000 d. $145,000 e. $875,000