Answer:
Big Galaxy Toys
The total liabilities will be equal to:
$181,000
Explanation:
a) Data and Calculations:
Total assets = $248,000
Equity = 67,000
Liabilities = $181,000
b) The accounting equation states that assets = liabilities + equity at every given time and as per each business transaction. If total assets = $248,000 and Equity = $67,000. Therefore, total liabilities = Total assets minus equity. This implies that $248,000 - 67,000 = $181,000.
