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Question

rom Cengage Learning-Google Chrom signment/takeAssignmentMain.do?invoker= assignments&takeAssignmentSession Locator eBook Video Calculator Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the followin Eye Clinic: Cash, $2,995 Professional Equipment, $63,000 Office Equipment, $8,450 On the same date, he owed the following business creditors Munez Supply Company, $3,816 Martin Equipment Sales, $3,728 Compute the following amounts in the accounting equation = Liabilities s + Owner's Equity heck My Work 10 more Check My Work uses remaining

Explanation / Answer

Assets $74,445 = Liabilities $7,544 + Owner's equity $66,901 Workings: Assets: Cash = $    2,995 Professional equipment = $ 63,000 Office Equipment = $    8,450 Total assets = $ 74,445 Liabilities: Creditors ($3,816 + $3,728) = $    7,544 Total Liabilities = $    7,544 Assets = Liabilities + Owner's equity $                                         74,445 = $7,544 + Owner's equity Owner's equity = $74,445 - $7,544 Owner's equity = $ 66,901 Therefore, the equation is : Assets $74,445 = Liabilities $7,544 + Owner's equity $66,901

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