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27 April, 11:55

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $11,350, Prepaid Insurance, $400, Equipment, $26,200 and Cash, $21,650. On the same date, SloMo owed the following creditors: Simpson Supply Company. $17,000, Allen Office Equipment, $14,500. The total amount of Liabilities is Multiple Choice $3.500 o oo

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  1. 27 April, 12:01
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    The total Liabilities are $ 31,500

    Explanation:

    SloMo Delivery Service

    The following are the assets of the company.

    Cash, $21,650

    Accounts Receivable, $11,350,

    Prepaid Insurance, $400,

    Equipment, $26,200

    Total Assets $ 59,600

    The creditors or Accounts Payable are the liabilities of the company.

    Given creditors

    Simpson Supply Company. $17,000

    Allen Office Equipment, $14,500

    The total Liabilities are $ 31,500

    Owner's Equity = $ 59,600 - $ 31,500 = $ 28,100
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