at the end of an accounting period, a companys liabilities equaled $432,000, and owners equity equaled…

at the end of an accounting period, a companys liabilities equaled $432,000, and owners equity equaled $212,000. how much were the companys assets? assets = $?

at the end of an accounting period, a companys liabilities equaled $432,000, and owners equity equaled $212,000. how much were the companys assets? assets = $?

Answer

Explanation:

Step1: Recall accounting equation

Assets = Liabilities + Owner's Equity

Step2: Substitute given values

Assets = $432000 + 212000$

Step3: Calculate result

Assets = $644000$

Answer:

$644000$