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If total liabilities are $1,000 and total assets are $8,000, what must be the total of the owners' equity?
If total liabilities are $1,000 and total assets are $8,000, what must be the total of the owners' equity?
Expert Solution
Answer: $7,000
Explanation:
The accounting equation is used to calculate owner's equity:
Assets - Liabilities = Owner's Equity
$8,000 - $1,000 = $7,000
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