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Owners equity at december

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Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Michael's Landscaping at December 31, 2005, the end of its first year of operations.

Accounts receivable $25,000
Accounts payable 3,500
Salary expense 4,500
Repairs expense 800
Truck 8,500
Equipment 6,300
Notes payable 8,200
Cash 6,800
Supplies expense 1,600
Service revenue 22,800
Gasoline expense 800
Salary payable 2,200

 

The owner, Michael Mower, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use.

Refer to Table 1. Owner's equity at December, 31, 2005 was

Reference no: EM131105112

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