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On a company's balance sheet, the total liabilities and owner's equity equal $50,000
On a company's balance sheet, the total liabilities and owner's equity equal $50,000. What is the value of the company's total assets?
Expert Solution
- Answer is $50,000
The basic accounting equation is as follows:
Total assets = Total liabilities + Owner's equity
Therefore, if total liabilities and owner's equity equals $50,000, the total assets would also be $50,000.
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