Question

The liabilities of Berber Company are $120,000 and the owner's equity is $230,000. What is the amount of Berber Company's total assets?

Answer 1

Answer:

$350,000

Explanation:

The relationship between assets, liabilities, and equity is expressed in the accounting equation.  According to the equation, Assets = Equity plus Liabilities.

For Berber company, total assets will be

Assets = $120,000 + $230,000

Assets = $350,000