Required information

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,150; Prepaid Insurance, $450; Equipment, $35,700 and Cash, $40,400. On the same date, SloMo owed the following creditors: Simpson Supply Company, $11,500; Allen Office Equipment, $9,250.

The total assets for the SloMo Delivery Service are:

The total amount of Liabilities is:

Multiple Choice

• $76,100

• $42,000

• $41,550

• $77,700