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If Assets = $25,000 and Liabilities = $25,000, then Equity must equal $25,000
If Assets = $25,000 and Liabilities = $25,000, then Equity must equal $25,000.
True
False
Expert Solution
The correct answer is False. The correct answer is Zero.
To calculate this, break out the accounting equation:
Assets = Liabilities + Equity
Now, solve for equity:
25,000 = 25,000 + X
0 = X
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