at the end of an accounting period, a companys total assets equaled $210,000, and owners equity equaled…

at the end of an accounting period, a companys total assets equaled $210,000, and owners equity equaled $156,000. how much were the companys liabilities? liabilities = $?

at the end of an accounting period, a companys total assets equaled $210,000, and owners equity equaled $156,000. how much were the companys liabilities? liabilities = $?

Answer

Explanation:

Step1: Recall accounting - equation

Assets = Liabilities + Owner's Equity.

Step2: Rearrange the equation to solve for liabilities

Liabilities = Assets - Owner's Equity.

Step3: Substitute given values

Liabilities = $210000 - 156000$.

Step4: Calculate the result

Liabilities = $54000$.

Answer:

$54000$