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use the accounting equation to answer the following questions. 1. Penny Sales Co. has total assets of $140,000 and total liabilities of $54,000. What is
use the accounting equation to answer the following questions.
1. Penny Sales Co. has total assets of $140,000 and total liabilities of $54,000. What is owners equity?
2. The Virtual Sun Center has total assets of $252,000 and owners equity of $100,000. What are total liabilities?
3. Columbia River Restaurant has total liabilities of $50,000 and owners equity of $80,000. What are total assets?
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