Our company has three times as many assets as it does liabilities.If total liabilities are $55,000,what is the amount of owners' equity?
A)$55,000
B)$110,000
C)$165,000
D)$220,000
E)Owners' equity cannot be determined from the given information.

Question

Quizplus · Accepted Answer

Assets = 3 * Liabilities = 3 * $55,000 = $165,000Owners' equity = Assets - Liabilities = $165,000 - $55,000 = $110,000

Our Company Has Three Times as Many Assets as It