Table 1-2
Following Is a List Showing the Account Balances

question 95

Multiple Choice

Table 1-2
Following is a list showing the account balances of various assets, liabilities, revenues, and expenses for Tim's Landscaping at December 31, 2019, the end of its first year of operations. $\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 30,000 \\\hline \text { Accounts payable } & 7,000 \\\hline \text { Salary expense } & 9,000 \\\hline \text { Repairs expense } & 1,600 \\\hline \text { Truck } & 17,000 \\\hline \text { Equipment } & 12,600 \\\hline \text { Notes payable } & 16,400 \\\hline \text { Cash } & 13,600 \\\hline \text { Supplies expense } & 3,200 \\\hline \text { Service revenue } & 25,600 \\\hline \text { Gasoline expense } & 1,600 \\\hline \text { Salary payable } & 4,400 \\\hline\end{array}$ The owner, Tim Brown, invested $45,200 during the year and withdrew $10,000 during the year for personal use.
-Refer to Table 1-2. Total liabilities at December 31, 2019, were:

• A)$25,600.
• B)$27,800.
• C)$41,200.
• D)$45,200.

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Definitions:

Weaknesses

Flaws or shortcomings within a business that may hinder its performance or ability to compete effectively.

SWOT Analysis Matrix

A strategic planning tool that helps identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Strengths-Opportunities

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Consumer Needs

The requirements or desires of potential customers that drive their purchasing decisions.