Question

The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total assets?

Answer 1

Answer:

$344,000

Explanation:

Assets, liabilities, and equity combine to form the accounting equation.  their relationship in the accounting equation is as follows,

Assets = Equity + Liabilities

In this case,

Asset =??

Liabilities=$117,000

Equity =$227,000

Therefore,

Assets = $117,000 + $227,000

Assets = $344,000