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If total liabilities are 1,000 and total assets are 8000 owner's e q u i t y must be

If total liabilities are 1,000 and total assets are 8000 owner's e q u i t y must be
asked 54.7k views
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If total liabilities are 1,000 and total assets are 8000 owner's e q u i t y must be

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User Arnab Rahman
by
8.4k points

1 Answer

7 votes
Total equity is equal to assets - liabilities.

Therefore,

8000 - 1000 = 7000

The owner's equity is $7,000.
answered
User MatteKarla
by
8.1k points
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