If Total Assets Equal $345,000 and Total Owners' Equity Equal

question 50

Multiple Choice

If total assets equal $345,000 and total owners' equity equal $120,000,then total liabilities must equal:

• A)$465,000.
• B)$225,000.
• C)$120,000.
• D)Cannot be determined from the information given.

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Definitions:

Assets

Resources owned or controlled by a business or individual, expected to produce positive economic value or benefits in the future.

Balance Sheet

A financial document that provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time.

Reports Center

A feature or section within business or accounting software that aggregates and displays various reports, analytics, and insights to aid in decision-making.

Company & Financials

General term referring to the financial statements and records that provide an overview of a company's financial health and operational performance.