jazzy143
Jun 29, 2015, 04:40 AM
Please help me solve this.. How to get the liabilities without owners equity?
The only given is asset which is $63,000.00
pready
Jun 30, 2015, 09:53 AM
To solve your problem you first have to solve for owners equity, then use the basic accounting equation to solve for liabilities, or you will need a percentage number to solve for liabilities or owners equity.
To solve for owners equity you will need more information, such as owners investment, owner withdrawals, net income, revenues, expenses, beginning or ending owners equity that will allow you to solve for the missing owners equity amount.