Learning Objective: Calculate the total assets, liabilities, or equity from given information.

Consider the following information: Accounts Payable: $4,000 Notes Payable: $10,000 Salaries payable: $1,000 Revenues: $5,000 Accounts Receivable: $5,000 Utilities Expense: $2,000 Cash: $5,000 Office Supplies: $1,000 Equipment: $20,000 Accumulated Depreciation Equipment: $5,000 Unearned Revenue: $2,000 Equity: $22,000 Salaries Expense: $1,000 From the above set of data, what is the total for assets, liabilities, and equity?

a) Total Assets: $26,000

Total Liabilities: $17,000

Total Equity: $9,000

b) Total Assets: $29,000

Total Liabilities: $14,000

Total Equity: $9,000

c) Total Assets: $29,000

Total Liabilities: $12,000

Total Equity: $9,000

d) Total Assets: $36,000

Total Liabilities: $14,000

Total Equity: $9,000

Can you also please explain why this is the correct answer? I'm struggling to understand this part of this class and when I get an answer wrong, they give no explanation as to why.

Thank you.