Question

Consider the following information:

Accounts Payable: $4,000
Notes Payable: $10,000
Salaries payable: $1,000
Revenues: $5,000
Accounts Receivable: $5,000
Utilities Expense: $2,000
Cash: $5,000
Office Supplies: $1,000
Equipment: $20,000
Accumulated Depreciation Equipment: $5,000
Unearned Revenue: $2,000
Equity: $22,000
Salaries Expense: $1,000
From the above set of data, what is the total for assets, liabilities, and equity?
a) Total Assets: $29,000
Total Liabilities: $14,000
Total Equity: $9,000
b) Total Assets: $26,000
Total Liabilities: $17,000
Total Equity: $9,000
c) Total Assets: $36,000
Total Liabilities: $14,000
Total Equity: $9,000
d) Total Assets: $29,000
Total Liabilities: $12,000
Total Equity: $9,000

Answer 1

The total for assets, liabilities, and equity are:

b) Total Assets: $26,000

Total Liabilities: $17,000

Total Equity: $9,000

Step-by-step explanation:

a) Data and Calculations:

Accounts Payable: $4,000

Notes Payable: $10,000

Salaries payable: $1,000

Revenues: $5,000

Accounts Receivable: $5,000

Utilities Expense: $2,000

Cash: $5,000

Office Supplies: $1,000

Equipment: $20,000

Accumulated Depreciation Equipment: $5,000

Unearned Revenue: $2,000

Equity: $22,000

Salaries Expense: $1,000

Total assets:

Accounts Receivable: $5,000

Cash: $5,000

Office Supplies: $1,000

Equipment: $20,000

Accumulated Depreciation

Equipment: ($5,000)

Total assets = $26,000

Total liabilities:

Accounts Payable: $4,000

Notes Payable: $10,000

Salaries payable: $1,000

Unearned Revenue: $2,000

Total liabilities $17,000

Total Equity:

Total assets $26,000

Total liabilities 17,000

Total equity $9,000