Learn the differences between Assets and Liabilities, and how to calculate Total Equity. Understand Balance Sheet items like Cash, Accounts Receivable, and Deferred Revenue.


Take a look at this balance sheet for The Great American Department Store.
Based on the information available, Total Equity =
  • Your answer should be
  • an integer, like 6
  • an exact decimal, like 0, point, 75
  • a simplified proper fraction, like 3, slash, 5
  • a simplified improper fraction, like 7, slash, 4
  • a mixed number, like 1, space, 3, slash, 4