Question: Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities Cash Laboratory Equipment Laboratory Supplies Loan Payable Accounts

Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities Cash Laboratory Equipment Laboratory Supplies Loan Payable Accounts Payable $ 40,780 75,888 7,000 15,300 9,925 Determine the totals that would appear in the firm's fundamental accounting equation. Assets Liabilities Owner's Equity

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