Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and...
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.
Homework Answers
Calculate total that would appear in equation :
| Assets | = | Liabilities | + | Stockholder's equity | ||||||
| Cash | + | Laboratory equipment | + | Laboratory supplies | = | Loan payable | + | Account payable | ||
| 39600 | + | 74700 | + | 5900 | = | 14200 | + | 9650 | + | 96350 |
Stockholder's equity = Total assets-Total liabilities
= (39600+74700+5900)-(14200+9650)
Stockholder's equity = $96350
Assets = $120200
Liabilities = $23850
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Just before Johnson Laboratories opened for business, Howard
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balance with check number 101. BSC received $900 of supplies
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