Respuesta :
Pharoah has assets of $114,000 and equity of $47,000. Pharoah's liabilities are $67,000.
The financial position of any company, large or small, is determined by two key elements of the balance sheet: assets and liabilities. The third part of the balance sheet is equity, also known as equity.
The accounting equation illustrates how these three critical components relate to each other. Total assets will equal total liabilities plus total equity.
total assets = total liabilities + total equity
total liabilities = total assets - total equity
total liabilities = $114,000 - $47,000
total liabilities = $67,000
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