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

question 35

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. Owner's equity at December 31, 2019, was:

• A)$26,800.
• B)$45,400.
• C)$45,200.
• D)$37,400.

---

Definitions:

Valence Electrons

Electrons in the outermost shell of an atom that are significant in chemical bonding and reactions.

Voltage Change

A variation in the electrical potential difference between two points in a circuit, which can cause current to flow if a path is available.

Capacitor

A device made with two conductive plates separated by an insulator or dielectric.

Polarized Capacitors

Capacitors that are sensitive to polarity.