Question
Exercise 1. Applying Basic Accounting Equation Royals Palm, Inc. reports the following assets and liabilities. Compute the totals that would appear in the corporations basic
Exercise 1. Applying Basic Accounting Equation
Royals Palm, Inc. reports the following assets and liabilities.
Compute the totals that would appear in the corporations basic accounting equation (Assets = Liabilities + Stockholders Equity (Capital Stock)).
Cash.$55,000
Accounts Payable25,000
Office Supplies. 1, 500
Loan Payable..7,000
Accounts Receivable.10,000
Answer: Assets = Liabilities + Stockholders Equity
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Laboratory Auditing For Quality And Regulatory Compliance
Authors: Donald C. Singer, Raluca-Ioana Stefan, Jacobus F. Van Staden
1st Edition
0367392461, 978-0367392468
