Royals Palm, Inc. reports the following assets and liabilities.
Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)).
Cash...............................$55,000
Accounts Payable...............25,000
Office Supplies................... 1, 500
Loan Payable.......................7,000
Accounts Receivable.............10,000