Question

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,130; Prepaid Insurance, $430; Equipment, $35,500 and Cash, $40,300. On the same date, SloMo owed the following creditors: Simpson Supply Company, $11,300; Allen Office Equipment, $9,150. The total assets for the SloMo Delivery Service are:_____.a) 41,430.

b) 75,800.c) 77,360.
d) 41,860.

Answer 1

$77,360

Step-by-step explanation:

Slomo delivery had the following accounts

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts:

Accounts Receivable is $1,130

Prepaid Insurance is $430

Equipment is $35,500

Cash, $40,300.

Therefore the total assets can be calculated as follows.

= $1,130 + $430 + $35,500 + $40,300

= $77,360

Hence the total assets for SloMo delivery service is $77,360