Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Given that a company's balance sheet shows total assets of $400{,}000 and total equity of $350{,}000, what is the amount of total liabilities?

$400{,}000

$350{,}000

$50{,}000

$750{,}000

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Verified step by step guidance

Step 1: Understand the accounting equation, which states that Total Assets = Total Liabilities + Total Equity. This equation is fundamental to the balance sheet.

Step 2: Identify the values provided in the problem. Total Assets are $400,000, and Total Equity is $350,000. The goal is to calculate Total Liabilities.

Step 3: Rearrange the accounting equation to solve for Total Liabilities. The formula becomes Total Liabilities = Total Assets - Total Equity.

Step 4: Substitute the given values into the formula. Replace Total Assets with $400,000 and Total Equity with $350,000.

Step 5: Perform the subtraction operation to find Total Liabilities. The result will be Total Liabilities = $400,000 - $350,000.