As of June 30, 2020, Little Giantz Company has assets of $100,000 and owner's equity of $60,000. What are the liabilities for Little Giantz Company as of June 30, 2020?

Name: As of June 30, 2020, Little Giantz Company has assets of $100,000 and owner's equity of $60,000. What are the liabilities for Little Giantz Company as of June 30, 2020?
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Question

Quizplus · Accepted Answer

Liabilities can be calculated by subtracting owner's equity from assets. Therefore, Liabilities = Assets - Owner's Equity = $100,000 - $60,000 = $40,000.

As of June 30, 2020, Little Giantz Company Has Assets