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Homework answers / question archive / Royals Palm, Inc, reports the following assets and liabilities

Royals Palm, Inc, reports the following assets and liabilities

Accounting

Royals Palm, Inc, reports the following assets and liabilities. Compute the totals that would appear in the corporation's basic accounting equation (Asset = Liabilities + Stockholder's Equity (Capital Stock)).

Cash $55,000
Accounts Payable 25,000
Office Supplies 1,500
Loan Payable 7,000
Accounts Receivable 10,000

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The balances will be represented in the accounting equation as follows:

Assets = Liaibilities + Stockholder's Equity
Cash+Office Supplies+Accounts receivable = Accounts payable+Loan Payable +  
$55,000+$1,500+$10,000 = $25,000+$7,000 + $34,500

Note: Stockholder's equity is the balancing amount of the equation.

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