College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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General accounting question
Transcribed Image Text:A Statement of Financial Position (Balance Sheet) shows liabilities of
$180,000 and assets of $295,000. The Income Statement shows
income of $75,000 and expenses of $42,000. Equity is:
a. $33,000.
b. $115,000.
c. $148,000.
d. $380,000.
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