How much were microtel assets at year-end

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Question 1: Microtel began operations at the beginning of 2016 with a $10,000 cash investment by stockholders. During 2016, Microtel had revenue on account of $5,000; of this amount $2,000 was collected during 2016 and $3,000 was an outstanding receivable at year-end. Microtel incurred $3,000 of operating expenses during 2016; of this amount $1,000 was unpaid at year-end. During 2016, $1,000 cash was disbursed by dividends. The only other transaction during 2016 was the purchase of $5,000 of equipment for cash near the end of the year. How much were Microtel's assets at year-end?

Reference no: EM132538550

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