Sandy's balance sheet is partially completed.However,she has total assets of $120,000 and total shareholders' equity of $15,000.Her liabilities should total $105,000.

Question

Quizplus · Accepted Answer

Total assets minus total liabilities equal total shareholders' equity. Therefore, if Sandy's total assets are $120,000 and her total shareholders' equity is $15,000, her liabilities must total $105,000 ($120,000 - $15,000 = $105,000).

Sandy's Balance Sheet Is Partially Completed