Question
Nguyen & Company had the following account balances available: Assets = Liabilities + Owners' Equity Cash A/R Pre. Exp. Supp. Equip. A/D A/P N/P Unearn.
Nguyen & Company had the following account balances available:
Assets | = | Liabilities | + | Owners' Equity | ||||||||||||||||||
Cash | A/R | Pre. Exp. | Supp. | Equip. | A/D | A/P | N/P | Unearn. Rev. | Cap. | R/E | ||||||||||||
12,500 | 2,500 | 450 | 320 | 0 | 0 | 180 | 2,900 | 600 | 8,800 | 3,290 |
March 1 | Services previously sold in advance of $300 were performed. |
March 1 | Purchased equipment for $11,360; management expects it will be useful for 4 years at which time it should be worth $800. |
March 1 | Performed $4,000 of consulting services for customers; sent bill. |
March 1 | Borrowed $2,600 on a note payable. |
March 12 | Paid advertising of $640. |
March 18 | Purchased supplies of $130 on account. |
March 20 | Received $600 from customers on account. |
March 23 | Paid utility bill of $150. |
March 30 | Paid employee payroll of $1,400. |
March 30 | Supplies on hand reported at $190. |
March 30 | Insurance of $150 expired. |
After recording the above transactions in an accounting framework, what amount of total assets would the company report in its financial statements?
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