If Owner's Equity Totals $73,000 and Liabilities Total $40,000, Then

question 52

True/False

If Owner's Equity totals $73,000 and Liabilities total $40,000, then Assets owned by a business totals $113,000.

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Definitions:

Unenforceable

Pertaining to a contract or agreement that, due to certain defects or legal principles, cannot be legally imposed or executed.

Verbal Agreement

denotes a contract or agreement made through spoken words rather than written documents, which can be legally binding if it meets specific criteria.

Enforceable

Refers to a contract or clause that is legally binding and can be upheld in court.

Job Loss

The instance of losing one's employment, often due to layoffs, company closure, or termination.