The balance sheet for a small firm shows total assets of $429,500 and total liabilities of $379,000.

Question:

The for a small firm shows total assets of $429,500 and total liabilities of $379,000. What is the shareholders’ equity?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...