Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic: Cash, $2,995 Professional Equipment, $63,000 Office Equipment, $8,450 On the same date, he owed the following business creditors: Munez Supply Company, $3,816 Martin Equipment Sales, $3,728 Compute the following amounts in the accounting equation: Assets $______ = Liabilities $______ + Owner’s Equity $______

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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter 1, Problem 3E
Textbook Problem

Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic:

Cash, $2,995

Professional Equipment, $63,000

Office Equipment, $8,450

On the same date, he owed the following business creditors:

Munez Supply Company, $3,816

Martin Equipment Sales, $3,728

Compute the following amounts in the accounting equation:

Assets $______ = Liabilities $______ + Owner’s Equity $______

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Chapter 1 Solutions

College Accounting (Book Only): A Career Approach

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