Reliable Waterworks Provides Plumbing Services

question 181

Multiple Choice

Reliable Waterworks provides plumbing services.Transactions of Reliable Waterworks during the first year of operations are given below.
A.The owner,Steve Sharon,contributed $11,000 cash to form the business.
B.Paid $1,400 for equipment to be used for plumbing repairs.
C.Borrowed $15,000 from a local bank and deposited the money in the checking account.
D.Paid $100 in rent for the year.
E.Paid $400 for plumbing supplies to be used on various jobs next year.
F.Completed a plumbing repair for a law firm and received $3,200.
Calculate the amount of total assets at the end of the first year.Assume the plumbing supplies of $3,200 are left at the end of the year.

• A)$1,800
• B)$1,400
• C)$26,000
• D)$29,100

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