If liabilities total $70,000 and stockholders' equity totals $50,000,then total assets must be:
A)$20,000.
B)$80,000
C)$120,000.
D)$30,000
E)$30,000.

Name: If liabilities total $70,000 and stockholders' equity totals $50,000,then total assets must be: A)$20,000. B)$80,000 C)$120,000. D)$30,000 E)$30,000.
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Quizplus · Accepted Answer

Total assets are calculated as the sum of liabilities and stockholders' equity. Therefore, $70,000 (liabilities) + $50,000 (stockholders' equity) = $120,000 (total assets).

If Liabilities Total $70,000 and Stockholders' Equity Totals $50,000,then Total