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Each day Sue works 8 hours and produces 7 units of goods and services.Mary works 10 hours each day and produces 10 units of goods and services.It follows that
Total Liabilities
Total liabilities are the combined debts and financial obligations a company owes to outside parties at any given time.
Owner's Equity
The residual interest in the assets of a business after deducting liabilities, often referred to as net assets.
Total Assets
The sum of all assets owned by a company, including both current and non-current assets.
Total Liabilities
The sum of all financial obligations and debts owed by a company to external entities or individuals.
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