Question: If total assets equal $ 5 4 5 , 0 0 0 and total liabilities equal $ 4 0 7 , 5 0 0 ,

If total assets equal $545,000 and total liabilities equal $407,500, the total owners' equity must equal:
Multiple Choice
$545,000.
$137,500.
$952,500.
Cannot be determined from the information given.
Prepaid expenses are:
Multiple Choice
Assets.
Expenses.
Liabilities.
Income.
If total assets equal $545,000 and total liabilities equal $407,500, the

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