If assets are $365,000 and equity is $120,000, then liabilities are: a. $120,000
b. $245.000
c. $365,000
d. $485,000.
e. $610,000.

b. $245.000

Explanation:

The computation of the liabilities is shown below:

As we know that

The accounting equation comprise  of

total assets = total liabilities + total equity

where,

total assets = $365,000

Total equity = $120,000

So, the total liabilities is

= total assets - total equity

= $365,000 - $120,000

= $245,000

Hence, the total liabilities is b. $245.000

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