As of December 31, 2014, Sievers Company has assets of ₤90,000 and equity of ₤40,000. What are the liabilities for Sievers Company as of December 31, 2014?

Name: As of December 31, 2014, Sievers Company has assets of ₤90,000 and equity of ₤40,000. What are the liabilities for Sievers Company as of December 31, 2014?
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Quizplus · Accepted Answer

Liabilities can be calculated using the accounting equation: Assets = Liabilities + Equity. Therefore, Liabilities = Assets - Equity = ₤90,000 - ₤40,000 = ₤50,000.

As of December 31, 2014, Sievers Company Has Assets of ₤90,000