At the End of Its First Year of Operations, Shapiro's

question 8

Multiple Choice

At the end of its first year of operations, Shapiro's Consulting Services reported net income of
$27,000. They also had account balances of: Cash, $16,000; Office Supplies, $3,200; Equipment,
$24,000 and Accounts Receivable, $8,000. The owner's total investment for this first year was
$15,000 and the owner withdrew $2,000 for personal use.
What are the total liabilities of Shapiro's Consulting Services at the end of the first year of operations?

• A)$24,200
• B)$11,200
• C)$42,000
• D)$27,000

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