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In a trial balance, if the total assets amount to $100,000 and total liabilities
In a trial balance, if the total assets amount to $100,000 and total liabilities amount to $60,000, what is the equity?
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Practice Questions
1 question
Q1
In a trial balance, if the total assets amount to $100,000 and total liabilities amount to $60,000, what is the equity?
$40,000
$60,000
$100,000
$20,000
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Equity is calculated as Total Assets - Total Liabilities, which is $100,000 - $60,000 = $40,000.
Questions & Step-by-step Solutions
1 item
Q
Q: In a trial balance, if the total assets amount to $100,000 and total liabilities amount to $60,000, what is the equity?
Solution:
Equity is calculated as Total Assets - Total Liabilities, which is $100,000 - $60,000 = $40,000.
Steps: 6
Show Steps
Step 1: Identify the total assets amount, which is $100,000.
Step 2: Identify the total liabilities amount, which is $60,000.
Step 3: Use the formula for equity, which is Equity = Total Assets - Total Liabilities.
Step 4: Substitute the values into the formula: Equity = $100,000 - $60,000.
Step 5: Calculate the result: $100,000 - $60,000 = $40,000.
Step 6: Conclude that the equity is $40,000.
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