Question

Following is an extract of account balances of aztec moving services as of december 31, after the first year of operation.

accounts receivable: $6,000
accounts payable: $4,000
salaries expense: $5,000
repairs expense: $500
truck: $11,000
equipment: $11,000
notes payable: $8,500
cash: $7,300
supplies expense: $1,500
service revenue: $29,000
gasoline expense: $2,900
salaries payable: $200

what is the amount of total assets at the end of the year?

Answer 1

The total assets of Aztec Moving Services at the end of the year are calculated by adding the value of cash, accounts receivable, truck, and equipment, which amounts to $35,300.

Step-by-step explanation:

To calculate the total assets at the end of the year for Aztec Moving Services, we need to sum up all the assets that the company owns. Assets typically include items such as cash, accounts receivable, equipment, and trucks. Based on the extract provided, the total assets would be calculated as follows:

• Cash: $7,300
• Accounts Receivable: $6,000
• Truck: $11,000
• Equipment: $11,000

By adding these together, the total assets at the end of the year are:

$7,300 (cash) + $6,000 (accounts receivable) + $11,000 (truck) + $11,000 (equipment) = $35,300.

Therefore, the amount of total assets for Aztec Moving Services at the end of the year is $35,300.