Question: Use the accounting equation to answer each question that follows

Use the accounting equation to answer each question that follows.
1. Ambria Company’s assets are $240,000, and its liabilities are $90,000. What is the amount of its owner’s equity?
2. Dao Company’s liabilities equal one-fifth of the total assets. The owner’s equity is $40,000. What is the amount of the liabilities?


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  • CreatedMarch 26, 2014
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