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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?
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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?

User Nathan Wheeler
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4.2k points

1 Answer

5 votes

Answer:

$350,000

Step-by-step 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

User RobotCharlie
by
4.1k points
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