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QUESTION

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,280; Prepaid...

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,280; Prepaid Insurance, $580: Equipment, $37,000 and Cash, $41,050. On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,800; Allen Office Equipment, $9,900.

The total amount of liabilities is:

Multiple Choice:

$41,050

$9,900

$37,000

$22,700

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