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Mercury, Inc reports the following assets and liabilities
Mercury, Inc reports the following assets and liabilities. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)).
| Cash | $67,000 |
|---|---|
| Accounts Payable | 13,000 |
| Supplies | 2,800 |
| Loan Payable | 9,000 |
| Inventory | 12,000 |
| Accounts Receivable | 15,000 |
| Equipment | 25,000 |
Expert Solution
The answer is Assets = $121,800; Liabilities = $22,000 and Shareholder's Equity = $99,800
| Amount | |
|---|---|
| Cash | $67,000 |
| Supplies | 2,800 |
| Inventory | 12,000 |
| Accounts Receivable | 15,000 |
| Equipment | 25,000 |
| Total Assets | $121,800 |
| Amount | |
|---|---|
| Accounts Payable | $13,000 |
| Loan Payable | 9,000 |
| Total Liabilities | $22,000 |
| Amount | |
|---|---|
| Total Assets | $121,800 |
| Less: Total Liabilities | 22,000 |
| Total Shareholder's Equity | $99,800 |
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