Chapter 1, Problem 3E

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 $______