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Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the following assets and liabilities. Cash $ 99,000 Laboratory equipment 155,000 Laboratory supplies 21,600 Loan payable 30,400 Accounts payable 22,750 Determine the totals that would appear in the firm’s fundamental accounting equation (Assets = Liabilities + Owner’s Equity).

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Answer:

Assets = Laboratory Equipment ( Fixed asset) + Laboratory supplies (Current Asset) + Cash ( Current asset)

= 155,000 + 21,600 + 99,000

= $275,600

Liabilities = Loan Payable ( Long term liability) + Accounts Payable ( current liability)

= 30,400 + 22,750

= $53,150

Assets = Liabilities + Owners Equity

Owners Equity = Assets - Liabilities

= 275,600 - 53,150

= $222,450

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The totals that would appear in the firm’s fundamental accounting equation is $222,450.

Accounting equation:

Using this formula

Assets = Liabilities + Owner’s Equity

Total Owners Equity = Assets - Liabilities

Where:

Assets:

Assets = Laboratory Equipment + Laboratory supplies+ Cash

Assets=$155,000 + $21,600 + $99,000

Asset= $275,600

Liabilities:

Liabilities= Loan Payable+ Accounts Payable

Liabilities = $30,400 + $22,750

Liabilities= $53,150

Let plug in the formula

Total Owners Equity = Assets - Liabilities

Total Owners Equity =$275,600 - $53,150

Total Owners Equity= $222,450

Inconclusion the totals that would appear in the firm’s fundamental accounting equation is $222,450.

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