at the end of an accounting period, a companys liabilities equaled $295,000, and owners equity equaled…

at the end of an accounting period, a companys liabilities equaled $295,000, and owners equity equaled $230,000. how much were the companys assets? assets = $?

at the end of an accounting period, a companys liabilities equaled $295,000, and owners equity equaled $230,000. how much were the companys assets? assets = $?

Answer

Explanation:

Step1: Recall accounting - equation

Assets = Liabilities + Owner's Equity

Step2: Substitute given values

Assets = $295000 + 230000$

Step3: Calculate result

Assets = $525000$

Answer:

$525000$