The following financial data are for the dental practice of Dr. Jose Ortiz when he began operations in July. Determine the amounts that would appear in Dr. Ortiz’s balance sheet.
1. Owes $42,000 to the Sanderson Equipment Company.
2. Has cash balance of $31,000.
3. Has dental supplies of $11,300.
4. Owes $12,360 to Galaxy Furniture Supply.
5. Has dental equipment of $57,100.
6. Has office furniture of $20,000.