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Determing Accounting Equation Amounts
Just before Lewis laboratories opened for business, Roso Doman , 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: $18,250 Lab Equipment: 40,950 Lab Supplies: 2,775 Loan Payable: 6,800 Accounts Payable: 4,200 Assets=? Liabilities=? Owner's Equity=? |
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