Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities.
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Just before Johnson Laboratories opened for business, Howard Johnson, 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......................................................$49,500
Laboratory Equipment............................77,500
Laboratory Supplies................................10,800
Loan Payable...........................................15,200
Accounts Payable....................................11,375
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Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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