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Presented Below Are Items for Blue Lagoon Company at December

Question 55

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Presented below are items for Blue Lagoon Company at December 31, 2020.  Accounts payable $37,000 Accounts receivable 39,000 Cash 17,000 Equipment 78,000 Owner’s capital 47,000 Notes payable 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 payable } & 50,000\end{array} Compute each of the following:
1. Total assets.
2. Total liabilities.

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1. Total assets = $134,000 ($3...

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