As of December 31, Stoneland Company has assets of $3,500 and owner’s equity of $2,000. What...
As of December 31, Stoneland Company has assets of $3,500 and owner’s equity of $2,000. What are the liabilities for Stoneland Company as of December 31?
| $2,500 |
| $2,000 |
| $1,000 |
| $1,500 |
Homework Answers
Total assets=Total liabilities+Total equity
Hence liabilities for Stoneland Company as of December 31
=3500-2000
which is equal to
=$1500
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As of December 31, Stoneland Company has assets of $3,500 and
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