If the assets owned by a business total $60,000 and liabilities total $30,000,then owner's equity totals $90,000.

Name: If the assets owned by a business total $60,000 and liabilities total $30,000,then owner's equity totals $90,000.
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Quizplus · Accepted Answer

The equation for the accounting equation is Assets = Liabilities + Owner's Equity. If assets total $60,000 and liabilities total $30,000, then the owner's equity would be $30,000, not $90,000. Therefore, option B is correct.

If the Assets Owned by a Business Total $60,000 and Liabilities