Following Is a List of Account Balances of Wilson Mowing

question 67

Multiple Choice

Following is a list of account balances of Wilson Mowing Service as of December 31 of the first year of operation: $$\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 5,000 \\\hline \text { Accounts payable } & 4,000 \\\hline \text { Salary expense } & 5,000 \\\hline \text { Repairs expense } & 1,000 \\\hline \text { Truck } & 10,000 \\\hline \text { Equipment } & 8,000 \\\hline \text { Notes payable } & 8,200 \\\hline \text { Cash } & 7,500 \\\hline \text { Supplies expense } & 1,600 \\\hline \text { Service revenue } & 32,000 \\\hline \text { Gasoline expense } & 3,800 \\\hline \text { Salary payable } & 200 \\\hline\end{array}$$ At the end of the year, what is the amount of total liabilities?

• A) $12,400
• B) $24,100
• C) $21,200
• D) $12,200

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