Questions: What are the total liabilities of John's Tackle if the total assets are 142,000 and the equity is 39,000? 181,000 103,000 220,000 284,000

What are the total liabilities of John's Tackle if the total assets are 142,000 and the equity is 39,000? 181,000 103,000 220,000 284,000
Transcript text: What are the total liabilities of John's Tackle if the total assets are $\$ 142,000$ and the equity is $\$ 39,000$ ? $\$ 181,000$ $\$ 103,000$ $\$ 220.000$ $\$ 284,000$
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Solution

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Solution Steps

Step 1: Understand the Accounting Equation

The accounting equation is given by:

\[ \text{Assets} = \text{Liabilities} + \text{Equity} \]

We need to find the total liabilities. We are given:

  • Total Assets = \$142,000
  • Equity = \$39,000
Step 2: Rearrange the Equation

To find the liabilities, rearrange the accounting equation:

\[ \text{Liabilities} = \text{Assets} - \text{Equity} \]

Step 3: Substitute the Given Values

Substitute the given values into the equation:

\[ \text{Liabilities} = 142,000 - 39,000 \]

Step 4: Calculate the Liabilities

Perform the subtraction:

\[ \text{Liabilities} = 103,000 \]

Final Answer

The total liabilities of John's Tackle are \(\boxed{\$103,000}\).

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