1. McCoy Corporation provides plumbing services. Transactions during the first year of operations are provided below.
2.  
3. a) Received $11,000 cash and issued common stock to Sharon McCoy.
4. b) Paid $2,000 cash for equipment to be used for plumbing repairs.
5. c) Borrowed $13,000 from a local bank and deposited the money in the checking account.
6. d) Paid $400 rent for the year.
7. e) Purchased $400 of office supplies by cash.
8. f) Completed a plumbing repair project for a local lawyer and received $3,500 cash.
9.  
10. Calculate the number of total liabilities at the end of the first year.
11.  
12.  A. $11,000
13.  B. $13,000
14.  C. $22,000
15.  D. $3,500

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