A company's balance sheet shows: Cash $36,000, Accounts receivable $23,000, Office equipment $57,000, and Accounts payable $24,000. What is the amount of total equity

Respuesta :

The amount of total equity $92,000

What is equity?

Equity is the value left in a company's position, after deducting total liabilities from its total assets.

Equity is computed as :

= Assets - Liabilities

Assets = $23,000 + $57,000 + $36,000

Assets = $116,000

Liabilities = $24,000

Equity = $116,000 - $24,000

Equity = $92,000

Therefore, the amount of total equity is $92,000

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