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QUESTION
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities.
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities.
cash $40,300
Laboratory Equipment 75,400
Laboratory Supplies 6,600
Loan Payable 14,900
Accounts Payable 9,825
Determine the totals that would appear in the firm's fundamental accounting equation.
Assets_________
Liabilities__________
Owner's Equity__________________
