Asked by Diego Dulanto on Jul 22, 2024
Verified
If equity is $300,000 and liabilities are $192,000, then assets equal:
A) $108,000.
B) $192,000.
C) $300,000.
D) $492,000.
E) $792,000.
Equity
The amount of ownership interest in an asset or business, after deducting all debts associated with that asset.
- Comprehend the terminology and duties of assets, liabilities, equity, revenues, and expenses in relation to the accounting equation.
Verified Answer
MG
Mariah GareisJul 28, 2024
Final Answer :
D
Explanation :
The formula for calculating assets is:
Assets = Equity + Liabilities
Substituting the values given in the question:
Assets = $300,000 + $192,000
Assets = $492,000
Therefore, the answer is D) $492,000.
Assets = Equity + Liabilities
Substituting the values given in the question:
Assets = $300,000 + $192,000
Assets = $492,000
Therefore, the answer is D) $492,000.
Learning Objectives
- Comprehend the terminology and duties of assets, liabilities, equity, revenues, and expenses in relation to the accounting equation.
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