Company Inc. reports the following assets and liabilities. Calculate the totals that would appear in the corporation’s basic accounting equation (Assets = Liabilities + Stockholders’ Equity (Capital Stock)).
• Cash.. …………….$55,000 Accounts Payable……………$25,000 • Office Supplies……………… $1,500 Loan Payable………………..$7,000 Accounts Receivable………….$10,000 Answer: Assets = Liabilities + Stockholders’ Equity
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