SOLUTION: Find assets and liability, when liability is 2/5 of assets and owner's equity is $95,000. Formula: Assets = Liability + Owner's Equity

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Question 59639: Find assets and liability, when liability is 2/5 of assets and owner's equity is $95,000. Formula: Assets = Liability + Owner's Equity
Answer by funmath(2933) About Me  (Show Source):
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Find assets and liability, when liability is 2/5 of assets and owner's equity is $95,000. Formula: Assets = Liability + Owner's Equity
Let assets be:x
Then liability is: (2/5)x
:
x=%282%2F5%29x%2B95000
x-%282%2F5%29x=-%282%2F5%29x%2B%282%2F5%29x%2B95000
%285%2F5%29x-%282%2F5%29x=95000
%283%2F5%29x=95000
%285%2F3%29%283%2F5%29x=%285%2F3%2995000
x=158333.33
Assets:x=$158,333.33
Liabilities:(2/5)x=(2/5)(158,333.33)=$63,333.33
Happy Calculating!!!