Concept explainers
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
Assets $______ = Liabilities $______ + Owner’s Equity $______
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Fundamentals Of Cost Accounting (6th Edition)
Horngren's Accounting (12th Edition)
Intermediate Accounting
Horngren's Accounting (11th Edition)
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