As the Accountant for Ideal Manufacturing Company, You Determine the Following

Multiple Choice

As the accountant for Ideal Manufacturing Company, you determine the following totals in your balance sheet: total assets―$124,000; current liabilities―$41,000; long-term liabilities―$13,000. What is the total owners' equity for this company?

A) $178,000
B) $165,000
C) $137,000
D) $70,000
E) $0