What the total owners equity must equal

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Problem 1: Generally accepted accounting principles are the "ground rules" used in the preparation of:

Option 1: Financial statements.

Option 2: Reports to federal and state regulatory agencies.

Option 3: Income tax returns.

Option 4: All accounting reports.

Problem 2: If total assets equal $270,000 and total liabilities equal $202,500, the total owners' equity must equal:

Option 1: $67,500.

Option 2: $472,500

Option 3: $270,000

Option 4: Cannot be determined from the information given.

Reference no: EM132641837

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