If Liabilities have a balance of $10,000 and Stockholders' Equity has a balance of $60,000, then Assets must have a balance of:
A) $50,000.
B) $60,000.
C) $70,000.
D) $10,000.

Question

Quizplus · Accepted Answer

According to the accounting equation, Assets = Liabilities + Stockholders' Equity. Therefore, Assets = $10,000 (Liabilities) + $60,000 (Stockholders' Equity) = $70,000.

If Liabilities Have a Balance of $10,000 and Stockholders' Equity