If Total Liabilities Are $50,000 and Owner's Equity Is $35,000

question 85

Multiple Choice

If total Liabilities are $50,000 and Owner's Equity is $35,000, the total Assets must be:

• A) $85,000.
• B) $15,000.
• C) $42,500.
• D) $70,000.

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Definitions:

Moral Development

The process through which individuals develop proper attitudes and behaviors toward other people in society, based on social and cultural norms, rules, and laws.

Reasoning

The mental process of deriving conclusions, judgments, or inferences from facts or premises, often involving logical thought.

Feeling

An emotional state or reaction to stimuli, often subjective and not always based on fact.

Behaving

Acting in a manner according to certain standards, rules, or expectations in social contexts.