Following Is an Extract of Account Balances of Wilson Mowing

question 3

Multiple Choice

Following is an extract of account balances of Wilson Mowing Service as at 31 December of the first year of operation:
$$\begin{array} { | l | l | } \hline \text { Accounts receivable } & \$ 4000 \\\hline \text { Accounts payable } & 7000 \\\hline \text { Salary expense } & 5000 \\\hline \text { Repairs expense } & 700 \\\hline \text { Truck } & 11,000 \\\hline \text { Equipment } & 9000 \\\hline \text { Loans payable } &8400 \\\hline \text { Cash } & 7000 \\\hline \text { Supplies expense } & 1000 \\\hline \text { Service revenue } & 32,000 \\\hline \text { Petrol expense } & 2900 \\\hline \text { Salary payable } & 300 \\\hline\end{array}$$
At the end of the year,what is the amount of total assets?

• A) $27,000
• B) $20,000
• C) $31,000
• D) $15,000

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