How do you find the amount of total assets?

assets = OE + L

To find the amount of total assets, you need to add together the amounts of owner's equity (OE) and liabilities (L). The equation to calculate the total assets is:

assets = OE + L

Here's how you can get the amount of total assets:

1. Gather the information: Start by collecting the values of owner's equity and liabilities. Owner's equity represents the ownership stake in the company, often including the initial investment by the owner and any retained earnings. Liabilities refer to any debts or obligations owed by the company.

2. Add up the owner's equity: Total the values of all the components of owner's equity, such as the owner's initial investment and any accumulated profits or losses.

3. Sum up the liabilities: Add up the amounts of all the company's outstanding debts or obligations.

4. Add the owner's equity and liabilities: Take the total value of owner's equity and add it to the total value of liabilities.

5. The result is the total assets: Once you add owner's equity and liabilities together, you'll have the amount of total assets.

Remember, assets represent the resources owned by the company, which includes things like cash, accounts receivable, inventory, property, and equipment. By calculating the total assets, you can get a better understanding of a company's financial position.