Cumberland Fabrication has $80 million in assets and $50 million in owners' equity.How much does the firm have in liabilities?

A) $80 million
B) $50 million
C) $30 million
D) $20 million

Owners' Equity

The residual interest in the assets of an entity after deducting liabilities, essentially the net worth belonging to the owners.

Assets

Resources with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.

Liabilities

Financial obligations or debts that a company owes to others, which need to be paid back in the future.