High School

an existing asset of 20000 with a corresponding liability and equity of 140000 and 60000 respectively. they borrowed money from the bank worth 40000 what is the new amount of liability

Answer :

The new liability amount after borrowing $40,000 from the bank is $180,000.

To determine the new amount of liability after borrowing money from the bank, we need to add the borrowed amount to the existing liability.

Existing liability: $140,000

Borrowed amount: $40,000

New liability = Existing liability + Borrowed amount

New liability = $140,000 + $40,000

New liability = $180,000

Therefore, the new amount of liability after borrowing $40,000 from the bank is $180,000.

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