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Calculate the amount of total assets balance

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Question - Sharon Samson owns Reliable Waterworks, which provides plumbing service. Transactions of Reliable Waterworks during the first year of operations are given below:

1. Sharon contributed $14,000 into a new checking account for the business and recorded capital contribution.

2. Paid $2,000 for equipment to be used for plumbing repairs

3. Borrowed $15,000 from a local bank and deposited the money in the checking account

4. Paid $600 as rent for the year

5. Paid $500 for plumbing supplies to be used on various jobs in the future

6. Completed a plumbing repair project for a local lawyer and received $3,500

Calculate the amount of total assets balance at the end of the first year.

A. 2,500

B. 2,000

C. 29,000

D. 31,000

Reference no: EM132106940

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