Use the following information as of December 31 to determine equity. $$\begin{array} { l l }
\text { Cash } & \$ 57,000 \
\text { Buildings } & 175,000 \
\text { Equipment } & 206,000 \
\text { Ijabilities } & 141,000
\end{array}$$

Question

Use the following information as of December 31 to determine equity. $$\begin{array} { l l } 
\text { Cash } & \$ 57,000 \
\text { Buildings } & 175,000 \
\text { Equipment } & 206,000 \
\text { Ijabilities } & 141,000
\end{array}$$

Quizplus · Accepted Answer

Equity is calculated as total assets minus liabilities. Total assets are the sum of cash, buildings, and equipment, which equals $438,000. Subtracting liabilities of $141,000 from total assets gives equity of $297,000.

Use the Following Information as of December 31 to Determine