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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

It a business firm has assets worth $170,000 and liabilities that total $40,000, what is the value of the owners’ equity?

Summary Introduction

To determine: The value of owners’ equity.

Introduction: Owners’ equity, regularly called net assets, is the owners' claim to organization assets after the greater part of the liabilities have been paid off. Basically, if the business assets were liquidated to pay off creditors, the abundance cash left finished would be viewed as owners' equity.

Explanation

Determine the value of owners’ equity

It is given that the assets are $170,000, liabilities are $40,000.

ValueofOwnersEquity=[Assets

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