Following Is a List of Account Balances of Wilson Mowing

question 13

Multiple Choice

Following is a list of account balances of Wilson Mowing Service as at 31 December of the first year of operation: $$\begin{array} { | l | l | } \hline \text { Accounts receivable } & \$ 4000 \\\hline \text { Accounts payable } & 5000 \\\hline \text { Salary expense } & 5000 \\\hline \text { Repairs expense } & 500 \\\hline \text { Truck } & 12,000 \\\hline \text { Equipment } & 10,000 \\\hline \text { Loans payable } & 24,800 \\\hline \text { Cash } & 12,000 \\\hline \text { Supplies expense } & 10,000 \\\hline \text { Service revenue } & 24,800 \\\hline \text { Petrol expense } & 7200 \\\hline \text { Salary payable } & 1200 \\\hline\end{array}$$ Calculate the profit.

• A)$2000
• B)$2900
• C)$30,300
• D)$33,200

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