The total equity is $113,000.
Equity is the difference between assets and liabilities.
Liabilities are future benefits that would have to be sacrificed in the future by an entity to other entities as a result of past transactions. Liabilities include account payable.
Assets are resources that are used to generate income for the business. Assets include accounts receivable, office equipment and cash.
Equity = ($30,000 + $50,000 + $64,000) - $31,000 = $113,000
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