Solved

Presented Below Are Balance Sheet Items for Blue Lagoon Company

Question 78

Essay

Presented below are balance sheet items for Blue Lagoon Company at December 31 2016.  Accounts payable $37,000 Accounts receivable 39,000 Cash 17,000 Equipment 78,000 Owner’s capital 47,000 Notes pavable 50,000\begin{array}{lr}\text { Accounts payable } & \$ 37,000 \\\text { Accounts receivable } & 39,000 \\\text { Cash } & 17,000 \\\text { Equipment } & 78,000 \\\text { Owner's capital } & 47,000 \\\text { Notes pavable } & 50,000\end{array} Compute each of the following:
1. Total assets.
2. Total liabilities.

Correct Answer:

verifed

Verified

1. Total assets = $134000 ($39...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q73: Mellon Company purchases $1500 of equipment from

Q74: Luis Consulting started the year with total

Q75: The mere recording of economic events is

Q76: If owner's equity increases from the beginning

Q77: Which of the following events is <b>not</b>

Q79: The primary purpose of the statement of

Q80: Indicate which of these items is

Q81: Selected transactions for Parton Company are listed

Q82: The Financial Accounting Standards Board is a

Q83: Keeping a systematic chronological diary of events