At the End of the First Month of Operations for SloMo

question 33

Multiple Choice

At the end of the first month of operations for SloMo Delivery Service,the business had the following accounts: Accounts Receivable,$1,200;Prepaid Insurance,$500;Equipment,$36,200 and Cash,$40,650.On the same date,SloMo owed the following creditors: Simpson Supply Company,$12,000;Allen Office Equipment,$9,500. The total assets for the SloMo Delivery Service are

• A) $42,350.
• B) $78,550.
• C) $76,850.
• D) $41,850.