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Home Q & A Board Other Fields Homework Help Business Accounting
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Braca643 Braca643
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6 years ago
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
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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therocket804therocket804
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6 years ago
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Braca643 Author
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6 years ago
Thank you for being such a great website leader! Your answer's right.
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