Table 1-1
Following Is a Random List Showing the Account

question 26

Multiple Choice

Table 1-1
Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Spiffy's Garage at December 31, 2019, the end of its first year of operations. $\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 15,000 \\\hline \text { Accounts payable } & 3,500 \\\hline \text { Salary expense } & 4,500 \\\hline \text { Repairs expense } & 800 \\\hline \text { Truck } & 8,500 \\\hline \text { Equipment } & 6,300 \\\hline \text { Notes payable } & 8,200 \\\hline \text { Cash } & 6,800 \\\hline \text { Supplies expense } & 1,600 \\\hline \text { Service revenue } & 12,800 \\\hline \text { Gasoline expense } & 800 \\\hline \text { Salary payable } & 2,200 \\\hline\end{array}$ The owner, Spiffy Sloan, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use.
-Refer to Table 1-1. Total assets at December 31, 2019, were:

• A)$31,600.
• B)$32,700.
• C)$36,200.
• D)$36,600.

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Definitions:

Utility

In economics, a measure of satisfaction or happiness that people derive from consuming goods and services.

Divisible

Capable of being divided or separated into smaller parts without losing its inherent qualities or value.

Utils

A hypothetical unit of measurement used in economics to quantify the level of utility or satisfaction derived from consuming goods or services.

Pairs of Socks

Multiple sets of soft foot garments, each set consisting of two items, typically worn for warmth, comfort, or hygiene reasons.