at the end of an accounting period, a companys liabilities equaled $280,000, and owners equity equaled…

at the end of an accounting period, a companys liabilities equaled $280,000, and owners equity equaled $200,000. how much were the companys assets? assets = $? round to the nearest hundredth.

at the end of an accounting period, a companys liabilities equaled $280,000, and owners equity equaled $200,000. how much were the companys assets? assets = $? round to the nearest hundredth.

Answer

Explanation:

Step1: Recall the accounting equation

The accounting equation is ( Assets = Liabilities + Owner's\ Equity ).

Step2: Substitute the given values

Given ( Liabilities=$280,000 ) and ( Owner's\ Equity = $200,000 ). Substitute into the equation: ( Assets=280000 + 200000 ).

Step3: Calculate the value of assets

( 280000+200000=$480,000 ).

Answer:

( 480000 )