Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities.
cash $40,300
Laboratory Equipment 75,400
Laboratory Supplies 6,600
Loan Payable 14,900
Accounts Payable 9,825
Determine the totals that would appear in the firm’s fundamental accounting equation.
Assets_________
Liabilities__________
Owner’s Equity__________________
Recent Comments