Johnson Waterworks Corporation provides plumbing services. Transactions during the first year of operations are provided below:-

a) Received $11,000 cash and issued common stock to Mitchell Johnson

b) Paid $1,200 for equipment to be used for plumbing repairs.

c) Borrowed $15,000 from a local bank and deposited the money in the checking account

d) Paid $400 in rent for the year.

e) Paid $400 for plumbing supplies to be used on various jobs next year.

f) Completed a plumbing repair for a law firm and received $3,500.

Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $400 are left at the end of the year.

• A. $1,600

• B. $26,000

• C. $29,100

• D. $1,200

Answer rating: 100% (QA)

C 29100 Cash11000 ... View the full answer