Question

On January 1st of the current year, Ben began Ben's car wash with an initial investment of $50,000 in cash. On December 31st her records showed the following items and amounts:
 Account payable $12,000. Office furnishings, net $34,284. Accounts receivable 23,000. Owner’s withdrawals 6,000. Cash 10,900. Rent expense 3,100. Cost of goods sold 19,750. Salaries expense 5,200. Depreciation expense 5,716. Supplies expense 500. Fees / sales 52,350. Telephone expense 1,250. Inventory 4,300. Utilities 2,600. Notes payable 4,250. Marketable securities 2,000.

From the information provided above, prepare a balance sheet; what is the end of the year's assets?

Answer 1

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