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coldgirl [10]
3 years ago
7

Following is an extract of account balances of Wilson Mowing Services as of December 31 of the first year of operation. Accounts

Receivable $7,000 Accounts Payable 4,000 Salaries Expense 6,000 Repairs Expense 500 Truck 8,000 Equipment 10,000 Notes Payable 8,100 Cash 7,300 Supplies Expense 1,400 Service Revenue 35,000 Gasoline Expense 3,800 Salaries Payable 300 What is the amount of total assets at the end of the year
Business
1 answer:
Nataly [62]3 years ago
8 0

Answer:

$32,300

Explanation:

With regards to the above, the amount of total assets is the addition of current assets + Fixed assets.

= Accounts receivables + Cash + Truck equipment

= $7,000 + $7,300+ $8,000 + $10,000

= $32,300

Therefore ,

Total assets = $32,300

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Answer:

The amount collected from customers on accounts receivable during year 3 is $535,000.

Explanation:

Cash received from accounts receivable = Opening balance of AR + Credit Sales - Bad debts written off - Closing balance of AR.

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We can solve this question either by making a T account for accounts receivable or using the equation given above.

Cash = 150000 + 600000 - 40000 - 175000 = $535000

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