Just before Anderson Laboratories opened for business, Roy Anderson, 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 | $40,500 |
Laboratory Equipment | 75,600 |
Laboratory Supplies | 6,800 |
Loan Payable | 15,100 |
Accounts Payable | 9,875 |
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