Just before Walker Laboratories opened for business, James Walker, the owner, had the following assets and liabilities. Determine the totals that would appear in the firm’s fundamental accounting equation (Assets = Liabilities + Owner’s Equity).
Cash ............... $41,500
Laboratory Equipment ........ 76,600
Laboratory Supplies ......... 7,800
Loan Payable ............ 16,100
Accounts Payable .......... 10,125