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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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Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the followi...
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