Question: Given the basic accounting equation: Assets = Liabilities + Equity, complete the following: 1) Assets = $120,000 Liabilities = $50,000 Equity =? 2) Assets =?

Given the basic accounting equation: Assets = Liabilities + Equity, complete the following:

1) Assets = $120,000

Liabilities = $50,000

Equity =?

2) Assets =?

Liabilities = $75,000

Equity = $55,000

3) Assets = $150,000

Liabilities =?

Equity = $50,000

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