What were the liabilities at December 31? The balance sheet of United Studios at December31 showed assets of $30,000 and shareholdersequity of $20,000. What were the liabilities atDecember 31?a. $30,000b. $10,000c. $20,000d. $50.000

To find the liabilities, you can use the accounting equation: Assets = Liabilities + Shareholders'…

Answered: The balance sheet of United Studios at…

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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The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders equity of $20,000. What were the liabilities at December 31? a. $30,000 b. $10,000 c. $20,000 d. $50.000