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How much were microtel total assets at year end

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Question - Microtel began operations at the beginning of 20X6 with a $10,000 cash investments by stockholders. During 20X6, Mircrotel had a revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Mircrotel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year end. During 20X6, $1000, cash was distributed as dividends. The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year. How much were Microtel's total assets at year end?

Reference no: EM132562779

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