QS 1-7 (Static) Applying the accounting equation LO A1 a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity? Assets Liabilities Equity a. $ 700,000 $ 420,000 b. $ 500,000 =