Following Is an Extract of Account Balances of Wilson Mowing

question 3

Multiple Choice

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

• A)$15,000
• B)$30,500
• C)$18,000
• D)$25,500

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