dr. tessa samoa opened a medical practice specializing in physical therapy. during the first month of…

dr. tessa samoa opened a medical practice specializing in physical therapy. during the first month of operation (december), account debit credit cash $ 119,700 accounts receivable 4,900 medical supplies 1,400 land 64,000 accounts payable $ 1,100 note payable 34,000 common stock 150,000 service revenue 9,800 salary expense 3,600 rent expense 900 utilities expense 400 total $ 194,900 $ 194,900 requirement 3. from the trial balance, determine total assets, total liabilities, and total stockholders’ equity on december 31. total assets total liabilities total stockholders’ equity

dr. tessa samoa opened a medical practice specializing in physical therapy. during the first month of operation (december), account debit credit cash $ 119,700 accounts receivable 4,900 medical supplies 1,400 land 64,000 accounts payable $ 1,100 note payable 34,000 common stock 150,000 service revenue 9,800 salary expense 3,600 rent expense 900 utilities expense 400 total $ 194,900 $ 194,900 requirement 3. from the trial balance, determine total assets, total liabilities, and total stockholders’ equity on december 31. total assets total liabilities total stockholders’ equity

Answer

Explanation:

Step1: Identify asset accounts

Assets include Cash ($119,700), Accounts receivable ($4,900), Medical supplies ($1,400), and Land ($64,000).

Step2: Calculate total assets

$119700 + 4900+1400 + 64000=$190000$

Step3: Identify liability accounts

Liabilities include Accounts payable ($1,100) and Note payable ($34,000).

Step4: Calculate total liabilities

$1100 + 34000=$35100$

Step5: Use accounting equation to find stockholders' equity

The accounting equation is Assets = Liabilities + Stockholders' Equity. So, Stockholders' Equity = Assets - Liabilities. $190000- 35100=$154900$

Answer:

Total assets: $190000 Total liabilities: $35100 Total stockholders' equity: $154900