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16 April, 12:51

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,260; Prepaid Insurance, $560; Equipment, $36,800 and Cash, $40,950. On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,600; Allen Office Equipment, $9,800. The total assets for the SloMo Delivery Service are:

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  1. 16 April, 14:58
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    Total assets = $79570

    Explanation:

    given data

    Accounts Receivable = $1,260

    Prepaid Insurance = $560

    Equipment = $36,800

    Cash = $40,950

    Simpson Supply Company = $12,600;

    Allen Office Equipment = $9,800

    solution

    we get here total assets for the SloMo Delivery Service that is express as

    Total assets = accounts receivable + prepaid insurance + equipment + cash ... 1

    put here value and we get

    Total assets = $1260 + $560 + $36800 + $40950

    Total assets = $79570
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