Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 35 - No. 24)
If a company's assets total $150,000 and its owner's equity is $60,000, what is the value of the company's liabilities?
$210,000
$90,000
$60,000
$150,000
Explanation
Liabilities = Assets - Equity; therefore, $150,000 - $60,000 = $90,000.
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