As of December 31, 2011, Sievers Company has assets of ₤70,000 and equity of ₤40,000.What are the liabilities for Sievers Company as of December 31, 2011?

Name: As of December 31, 2011, Sievers Company has assets of ₤70,000 and equity of ₤40,000.What are the liabilities for Sievers Company as of December 31, 2011?
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Liabilities can be calculated using the accounting equation: Assets = Liabilities + Equity. Therefore, Liabilities = Assets - Equity = ₤70,000 - ₤40,000 = ₤30,000.

As of December 31, 2011, Sievers Company Has Assets of ₤70,000