Assets | $ 1,24,700 | ||||||
Liabilities | $ 25,725 | ||||||
Owner's Equity | $ 98,975 | ||||||
Working: | |||||||
# 1 | Calculation of assets: | ||||||
Cash | $ 41,100 | ||||||
Laboratory Equipment | $ 76,200 | ||||||
Laboratory Supplies | $ 7,400 | ||||||
Total assets | $ 1,24,700 | ||||||
# 2 | Calculation of Liabilities: | ||||||
Loan Payable | $ 15,700 | ||||||
Accounts Payable | $ 10,025 | ||||||
Total Liabilities | $ 25,725 | ||||||
# 3 | Calculation of owner's Equity: | ||||||
As per Balance Sheet Equation, | |||||||
Owner's Equity | = | Total assets - Total Liabilities | |||||
= | $ 1,24,700 | - | $ 25,725 | ||||
= | $ 98,975 | ||||||
Exerclse 2.1 Determining accounting equation amounts. LO 2-1,2-2 Just before Walker Laboratories opened for business, James...
02 Ex 2-1 6 Saved Exercise 2.1 Determining accounting equation amounts. LO 2-1, 2-2 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 $ 41,300 76,480 7,600 15,900 10,075 eBook Ask Print ferences Determine the totals that would appear in the firm's fundamental accounting equation Assets Liabilities Owners Equity
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
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Cash $ 39,600 Laboratory Equipment 74,700 Laboratory Supplies 5,900 Loan Payable 14,200 Accounts Payable 9,650 Determine the totals that would appear in the firm’s fundamental accounting equation.