Owner's equity on 1/1/2013 and 12/31/2013 were $80,000 and $90,000, respectively. Assets on 1/1/2013 and 12/31/2013 were $125,000 and $140,000,...

Owner's equity on 1/1/2013 and 12/31/2013 were $80,000 and $90,000, respectively. Assets on 1/1/2013 and 12/31/2013 were $125,000 and $140,000, respectively. Liabilities on 1/1/2013 were $45,000. What is the amount of liabilities on 12/31/2013? Describe how you used the accounting equation to come up with your answer. Why is the accounting equation so important to accounting?