PROBLEM1: On November 1 of the current year, the assets and liabilities of Jim Meglio, M.D., are as follows:

Cash $ 4,000 Accounts Payable $6,530

Accounts Receivable $ 8,200

Supplies $ 1,050

Land $25,000

What is the amount of owner's equity (Jim Meglio's Capital) as of November 1 of this year? (show your work)

Problem2: Henderson Inc. reports the following: Assets of $750,000, Liabilities of $550,000, Capital Stock of $125,000, and Dividends paid of $40,000. What is the balance in Stockholders' Equity?