As of June 30 2016 Little Giantz Company has assets of $100000 and owner's equity of $60000. What are the liabilities for Little Giantz Company as of June 30 2016?

A) $40000
B) $60000
C) $100000
D) $160000

Question

Aiyana Provencio · Accepted Answer

Final Answer : A, Explanation :  The formula for calculating liabilities is:Liabilities = Assets - Owner's EquitySubstituting the given values, we get:Liabilities = $100000 - $60000Liabilities = $40000Therefore, the liabilities for Little Giantz Company as of June 30 2016 is $40000. Option A) is the correct answer.

As of June 30 2016 Little Giantz Company has assets of $100000 and owner's equity of $60000. What are the liabilities for Little Giantz Company as of June 30 2016?

A) $40000
B) $60000
C) $100000
D) $160000

Definitions

Learning Objectives

Learning Objectives

Related questions

As of June 30 2016 Little Giantz Company has assets of $100000 and owner's equity of $60000. What are the liabilities for Little Giantz Company as of June 30 2016?A) $40000B) $60000C) $100000D) $160000

Definitions

Learning Objectives

Learning Objectives

Related questions

As of June 30 2016 Little Giantz Company has assets of $100000 and owner's equity of $60000. What are the liabilities for Little Giantz Company as of June 30 2016?

A) $40000
B) $60000
C) $100000
D) $160000