Presented below are balance sheet items for Blue Lagoon Company at December 31 2016. $\begin{array}{lr}
\text { Accounts payable } & \$ 37,000 \
\text { Accounts receivable } & 39,000 \
\text { Cash } & 17,000 \
\text { Equipment } & 78,000 \
\text { Owner's capital } & 47,000 \
\text { Notes pavable } & 50,000
\end{array}$ Compute each of the following:
1. Total assets.
2. Total liabilities.

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The Answer of Presented below are balance sheet items for Blue Lagoon Company at December 31 2016. $\begin{array}{lr}
\text { Accounts payable } & \$ 37,000 \
\text { Accounts receivable } & 39,000 \
\text { Cash } & 17,000 \
\text { Equipment } & 78,000 \
\text { Owner's capital } & 47,000 \
\text { Notes pavable } & 50,000
\end{array}$ Compute each of the following:
1. Total assets.
2. Total liabilities.

Presented Below Are Balance Sheet Items for Blue Lagoon Company