Question

Given $45000 worth of total assets and a net worth of $25000. What is a total balance of liabilities

Answer 1

[AI-generated answer — Bot GPT 3.5]

The total balance of liabilities can be calculated by subtracting the net worth (which represents owners' equity) from the total assets.

Total Liabilities = Total Assets - Net Worth
Total Liabilities = $45000 - $25000
Total Liabilities = $20000