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2 cards from this section. Quick, good the night before a test.
What is an asset?
Think about what a business owns.
What are liabilities?
Consider debts or loans a business may have.
What are assets?
Think about what a company possesses.
True or False: Owner's equity can be negative.
Consider scenarios with large debts.
A company has total assets of $800,000, total liabilities of $600,000, and retained earnings of $100,000. What is the owner's equity?
Use your balance sheet equation.
If a business has liabilities of $150,000 and owner's equity of $350,000, what are the total assets?
Remember the balance sheet formula.
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