Question

You own a business that has assets of $148,000. If your equity is $55,000, what is the amount of your liabilities?

A. $203,000
B. $93,000
C. $122,000
D. $98,000

Answer 1

B. 93,000

Explanation:

Answer 2

B. 93,000

$240,000 - $90,000 = $150,000

(Assets) - (Liabilities) = (Owners' Equity)

example apply the formula to your question