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

Step 1: Define Accounting EquationThe accounting equation is the basis for determining and analyzing…

Answered: The balance sheet of United Studios at…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 4SEQ: If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity...

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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