MC Qu 153 If assets are If assets are 381000 and equity is 1

MC Qu. 153 If assets are... If assets are $381,000 and equity is $128,000, then liabilities are: Multiple Choice :25 $128,000 $253,000 $381,000.

Solution

general rule of balance sheet to get tally is assets should be equal to liabilities.

Assets = Equity + Liabilities

$381,000 = $128,000 + Liabilities

Liabilities = $253,000