Presented Below Are Items for Blue Lagoon Company at December

question 55

Essay

Presented below are items for Blue Lagoon Company at December 31, 2020. $\begin{array}{lr}\text { Accounts payable } & \$ 37,000 \\\text { Accounts receivable } & 39,000 \\\text { Cash } & 17,000 \\\text { Equipment } & 78,000 \\\text { Owner's capital } & 47,000 \\\text { Notes payable } & 50,000\end{array}$ Compute each of the following:
1. Total assets.
2. Total liabilities.

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Definitions:

Terracing

The practice of creating flat platforms on sloped land, often used in agriculture to reduce soil erosion and support water conservation.

Water Pollution

The contamination of water bodies (e.g., lakes, rivers, oceans, aquifers) by harmful substances or heat, negatively affecting aquatic ecosystems and human health.

Agricultural Chemicals

Substances such as fertilizers, herbicides, and pesticides used in farming to enhance plant growth and protect crops from pests and diseases.

Sediment

Particulate matter that settles at the bottom of a liquid or is transported by water, wind, or ice.