Following is an extract of account balances of Wilson Mowing

Following is an extract of account balances of Wilson Mowing Services as of December 31 of the first year of operation

Accounts Receivable $4,000
Accounts Payable 7,000
Salaries Expense 5,000
Repairs Expense 500
Truck 8,000
Equipment 8,000
Notes Payable 8,100
Cash 7,300
Supplies Expense 1,500
Service Revenue 31,000
Gasoline Expense 3,900
Salaries Payable 100

What is the amount of total assets at the end of the year?
A) $12,000
B) $27,300
C) $16,000
D) $23,300

ANSWER

B .Accounts Receivable $4,000
Truck 8,000
Equipment 8,000
Cash 7,300
Total assets $27,300