1. Presented below is selected information related to Salim Company at

December 31, 2010. Salim reports financial information monthly.

Accounts Payable $ 3,000 Salaries Expense $16,500

Cash 7,000 Note Payable 25,000

Advertising Expense 6,000 Rent Expense 10,500

Service Revenue 54,000 Accounts Receivable 13,500

Equipment 29,000 Drawings 7,500

Required: Determine the total assets of Salim Company at December 31, 2010?

1. $49,500
2. $52,500
3. $57,000