Answer:
$ 26,100
Explanation:
Given:
Cash received = $13,000
Amount Paid for equipment to be used for plumbing repairs = $1,500
Amount borrowed = $10,000
Amount paid in rent for the year = $400
Amount paid for plumbing supplies = $300
Amount received for completing a plumbing repair = $3,400
Plumbing supplies left at the end of the year = $400
Now,
the total cash = Total Amount received - Total Amount paid
or
The total cash = ($ 13000 + $ 10000 + $ 3400) - ($ 1500 + $ 400 + $ 300)
or
The total cash = $ 24,200
Now
the assets from equipment = $ 1,500
Thus,
the total assets at end of the first year = The total cash + the assets from equipment + Plumbing supplies left at the end of the year
or
The total assets at end of the first year = $ 24,200 + $ 1,500 + $ 400
or
The total assets at end of the first year = $ 26,100
