Ask Question
BusinessBusiness
20 October, 21:43

If the sum of your assets is 275,000, what should the other side of your balance sheet add up to?

+4
Answers (1)
  1. 20 October, 22:00
    0
    Answer: The sum of the liabilities would add upto 2,75,000

    Explanation: According to the accounting standards, the assets side of a balance sheet should equal the liabilities side of balance sheet to make a balanace in the balance sheet of a company.

    Assets are known as the resources that the company owns, whereas liabilities are the financial debts or the amount of money which a company owes.

    So, if we sum up all the assets side and deduct the total amount of liabilities what we get is equity or owner's fund (the amount of funds the owner of the business possess)

    Therefore, if assets side of the balance sheet sums upto 2,75,000 then liabilities side of the balance sheet would also add upto 2,75,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the sum of your assets is 275,000, what should the other side of your balance sheet add up to? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Sales in Units: Month 1 = 15,000; Month 2 = 20,000; Month 3 = 18,000 Production in Units: Month 1 = 16,000; Month 2 = 22,000; Month 3 = 15,000 One pound of material is required for each finished unit.
No Answers
Sara's bail is surprisingly high for $200 of cocaine. in fact, her lawyer calls it excessive. what can sara and her lawyer do to change the situation?
Answers (1)
Modigliani and Miller's Proposition I states that: A. the market value of any firm is independent of its capital structure. B. the market value of a firm's debt is independent of its capital structure. C.
Answers (1)
If the cost method is used to account for a long-term investment in common stock, dividends received should be Select one: a. debited to the Stock Investments account. b. credited to the Dividend Revenue account. c.
Answers (1)
A characteristic of centrally planned economies is that: A. there are many incentives for innovation and hard work. B. the price is relatively unimportant in allocating resources. C. profits are the main measure of success of a firm. D.
Answers (1)
New Questions in Business
Davison Company determined that the book basis of its net accounts receivable was less than thetax basis of its net accounts receivable by $800,000 due to a difference in the allowance for baddebts account.
Answers (1)
Why do you think government bonds usually have a low risk of default?
Answers (1)
Paying attention to the trends that might impact your future career is called what?
Answers (2)
Sheila went to college to study accounting, and got her first entry-level job right after graduating. however, as she gained more experience at the law firm where she worked, she became more knowledgeable about tax law and decided to make a
Answers (1)
Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, she found a way to make scented candles with each friend's favorite perfume scent.
Answers (2)
Home » Business » If the sum of your assets is 275,000, what should the other side of your balance sheet add up to?
Sign Up Forgot Password?