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22 May, 08:45

At the end of a recent year, Jefferson Cleaning Service, a full-service house and office cleaning service, had total assets of $ 6 comma 280 and equity of $ 3 comma 380. How much were Jefferson Cleaning Service's liabilities?

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  1. 22 May, 11:59
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    Jefferson Cleaning Service's liabilities: 2,900

    Explanation:

    Accounting Equation Formula

    Assets = Liabilities + Owner's Equity

    Asset - Owner's Equity = Liabilities

    In Jefferson Cleaning Service's case:

    Liabilities = 6,280 - 3,380

    Liabilities = 2,900
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