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25 August, 02:54

Apply the accounting equation to the following problem. Total assets of Charter Company equal $700,000, and its equity is $420,000. What is the amount of its liabilities? Format your solution as a whole dollar amount without the dollar sign, decimals, or a comma. Example: 1200

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  1. 25 August, 06:27
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    The amount of its liabilities is 280000

    Explanation:

    In a business balance we can see the following accounting equation

    liabilities + owners' equity = assets

    liabilities = assets - owners' equity

    liabilities = $700,000-$420,000

    liabilities = $280,000
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