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Royals Palm, Inc, reports the following assets and liabilities
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 |
Expert Solution
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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