The balance sheet of Rover's Inc. shows its liabilities and owners' equity as $130,000 and $170,000 respectively. In this case, Rover's _____.
A) total assets are $300,000
B) total income is $40,000
C) net income for the current year is $300,000
D) net cash flow for the current year is $40,000

Question

Quizplus · Accepted Answer

The total assets of Rover's Inc. can be calculated as Assets = Liabilities + Owners' Equity, which in this case would be $130,000 + $170,000 = $300,000.

The Balance Sheet of Rover's Inc