Question: Exercise 1. Applying Basic Accounting Equation Royals Palm, Inc. reports the following assets and liabilities. Compute the totals that would appear in the corporations basic

Exercise 1. Applying Basic Accounting Equation

Royals Palm, Inc. reports the following assets and liabilities.

Compute the totals that would appear in the corporations basic accounting equation (Assets = Liabilities + Stockholders Equity (Capital Stock)).

Cash.$55,000

Accounts Payable25,000

Office Supplies. 1, 500

Loan Payable..7,000

Accounts Receivable.10,000

Answer: Assets = Liabilities + Stockholders Equity

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