Accounting Equation is a s follows:
Owner's Equity + Liabilities = Total Assets
$180,000+ Liabilities = 1/3(A)
Liabilities = 1/3 - $180,000
Liabilities = 60,000
A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.
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