If the liabilities owed by a business total $150,000, then the assets must also total $150,000.

Name: If the liabilities owed by a business total $150,000, then the assets must also total $150,000.
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The total assets of a business do not necessarily equal its liabilities. Assets must equal the sum of liabilities and owner's equity according to the accounting equation (Assets = Liabilities + Owner's Equity).

If the Liabilities Owed by a Business Total $150,000, Then