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    tryingtoexcel's Avatar
    tryingtoexcel Posts: 1, Reputation: 1
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    #1

    Apr 1, 2011, 12:18 PM
    accounting homework help free?
    Just before Lewis Laboratories opened for business, Rosa Damon, the owner, had the following assets and liabilities. Determine the totals that would appear in the firm's fundamental accounting equation (Assets= Liabilities + Owners equity).

    Cash $36,000
    Laboratory equipment 81,000
    Laboratory supplies 5,500
    Loans payable 13,000
    Accounts payable 8,950
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
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    #2

    Apr 1, 2011, 12:23 PM
    Thank you for taking the time to copy your homework to AMHD.
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    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 1, 2011, 12:40 PM

    From the information provided it appears your are trying to find Owners Equity.

    Owners Equity = Assets - Liabilities.

    Your payables are liabilities and your other accounts are assets.
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