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Mars2501
1 month ago
15

Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the following assets and liabilities. C

ash $ 99,000 Laboratory equipment 155,000 Laboratory supplies 21,600 Loan payable 30,400 Accounts payable 22,750 Determine the totals that would appear in the firm’s fundamental accounting equation (Assets = Liabilities + Owner’s Equity).
Business
1 answer:
stepan [3K]1 month ago
8 0

Answer:

Assets = Laboratory Equipment (Fixed asset) + Laboratory Supplies (Current Asset) + Cash (Current asset)

= 155,000 + 21,600 + 99,000

= $275,600

Liabilities = Loan Payable (Long term liability) + Accounts Payable (Current liability)

= 30,400 + 22,750

= $53,150

Assets = Liabilities + Owner's Equity

Owner's Equity = Assets - Liabilities

= 275,600 - 53,150

= $222,450

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