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7 May, 16:33

Assets and liabilities of a company are $150,000 and $30,000, respectively. Determine owner's equity using the accounting equation.

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  1. 7 May, 18:19
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    Owner's Equity = $ 150,000 - $ 30,000 = $ 120,000

    Explanation:

    The accounting equation is Assets = Liabilities + Owner's Equity

    $ 150,000 = $ 30,000 + Owner's Equity

    Owner's Equity = $ 150,000 - $ 30,000 = $ 120,000
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