Question

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.
Cash $72,000
Accounts Receivable 18,500
Office Furniture 42,500
Auto 27,500
Accounts Payable 15,300
Harold Joseph, Capital 107,250
Revenue 65,800
Expenses 27,850

TRANSACTIONS

1. Performed services for $7,200 on credit.
2. Paid $1,820 in cash for new office chairs.
3. Received $13,800 in cash from credit clients.
4. Paid $910 in cash for telephone service.
5. Sent a check for $5,200 in partial payment of the amount due creditors.
6. Paid salaries of $10,580 in cash.
7. Sent a check for $1,285 to pay electric bill.
8. Performed services for $12,900 in cash.
9. Paid $2,660 in cash for auto repairs.
10 . Performed services for $13,800 on account.

Required:
What is the amount of total assets after all transactions have been recorded?

Answer 1

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