Following Is a List of Account Balances (Except for Owner's

question 86

Multiple Choice

Following is a list of account balances (except for owner's capital) of Wilson Mowing Service as of December 31 of the first year of operation: The proprietor, J.D. Wilson, contributed $3,000 at the beginning of the year; during the year, the proprietor took $12,000 in drawings.
At the end of the year, what is the amount of total assets?

• A)$12,200
• B)$24,100
• C)$11,900
• D)$21,200

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Definitions:

Selling Expenses

Selling Expenses are costs incurred directly from the marketing and selling of products or services, including advertising and salesperson salaries.