Question

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,260; Prepaid Insurance, $560; Equipment, $36,800 and Cash, $40,950. On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,600; Allen Office Equipment, $9,800. The total assets for the SloMo Delivery Service are:

Answer 1

Total assets = $79570

Step-by-step explanation:

given data

Accounts Receivable = $1,260

Prepaid Insurance = $560

Equipment = $36,800

Cash = $40,950

Simpson Supply Company = $12,600;

Allen Office Equipment = $9,800

solution

we get here total assets for the SloMo Delivery Service that is express as

Total assets = accounts receivable + prepaid insurance + equipment + cash ...................1

put here value and we get

Total assets = $1260 + $560 + $36800 + $40950

Total assets = $79570