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12-09-2022
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The liabilities of hurka company equal 1/3 of the total assets, and owner's equity is $180,000. what is the amount of liabilities?

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tutorconsortium215 tutorconsortium215

15-09-2022

Accounting Equation is a s follows:

Owner's Equity + Liabilities = Total Assets

$180,000+ Liabilities = 1/3(A)

Liabilities = 1/3 - $180,000

Liabilities = 60,000

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.

To learn more about liabilities from the given link.

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