Michael receives a monthly salary of $2500 plus a commission of 2% of total orders written. If his orders for the month were $34
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The total of the assets in a balance sheet is equal to the summation of the owners' equity capital and the total liabilities of the firm.
<h3>What is a balance sheet?</h3>Balance sheet is the financial statement of an organization that gives the details about the financial position of the company at the end of the financial period.
In the above case, the total of the assets is $50000 and the total of the equities and liabilities tallies the amount of assets. An image for the same has been attached for better reference.
Thus, the equation of the balance sheet holds true in the case of ABC Rentals.
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