If an entity has liabilities of $170 000 and equity of $300 000 its assets are:
A) $370 000.
B) $230 000.
C) $130 000.
D) $470 000.

Name: If an entity has liabilities of $170 000 and equity of $300 000 its assets are: A) $370 000. B) $230 000. C) $130 000. D) $470 000.
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Question

Quizplus · Accepted Answer

The equation Assets = Liabilities + Equity must always be true for an entity's balance sheet.
Therefore, Assets = $170 000 (liabilities) + $300 000 (equity) = $470 000.

If an Entity Has Liabilities of $170 000 and Equity