The balance of Total Assets for Hoop Co. is $800,000 on October 31, 2012. During October 2012, the following took place: Sold $70,000 of inventory for $70,000 cash Purchased a $150,000 machine for cash Increased accounts payable $80,000 from acquisitions of inventory on account Wrote off accounts receivable of $40,000 Total Assets for Hoop Co. on October 1 2012 is therefore:

Multiple Choice

$830,000

None of the other alternatives are correct

$700,000

$720,000

$790,000