TOTAL ASSETS - ACCOUNTING PROBLEM
by SHA
(ATLANTA GA )
ANDREW WELLS IS A PAINTING CONTRACTOR WHO SPECIALIZE IN PAINTING COMMERCIAL BUILDINGS. AT THE BEGINING OF JUNE, HIS FIRM'S FINANCIAL RECORDS SHOW THE FOLLOWING ASSETS, LIABILITIES, AND OWNER'S EQUITY.
CASH $31,760 ACCOUNTS PAYABLE $8,200 ACCOUNTS RECEIVABLE $14,400 ANDREW WELLS, CAPITAL $101,700 OFFICE FURNITURE $33,800 REVENUE $42,780 AUTO $54,100 EXPENSES $18,620
1. PERFORMED SERVICES FOR$5,350 ON CREDIT.
2.PAID $1,200 IN CASH FOR NEW OFICE CHAIRS.
3.RECEIVED $5,600 IN CASH FROM CREDIT CLIENTS.
4. PAID $640 IN CASH FOR TELEPHONE SERVICE.
5. SENT A CHECK FOR $1,500 IN PARTIAL PAYMENT OF THE AMOUNT DUE CREDITORS.
6. PAID SALARIES OF $7,800 IN CASH
7. SENT A CHECK FOR $700 TO PAY ELECTRIC BILL
8. PERFORMED SERVICES FOR $9,700 IN CASH
9.PAID $1,840 IN CASH FOR AUTO REPAIRS
10. PERFORMED SERVICES FOR $8,900 ON ACCOUNT.
ANALYZE WHAT IS THE AMOUNT OF TOTAL ASSETS AFTER ALL TRANSACTIONS HAVE BEEN RECORDED?