Accounting for IGCSE & O level - Final Statements (Section 11 - No. 3)
If a company has assets of $100,000 and owner's equity of $30,000, what are the total liabilities?
$30,000
$70,000
$100,000
$130,000
Explanation
Liabilities = Assets - Owner's Equity ($100,000 - $30,000 = $70,000)
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