The Pierce Company started operations this month and had the following transactions: 1 Owners invested $45,000 to start company 1 Purchased a twelve month insurance policy for $3,000 12 Purchased $500 of supplies on account 20 Customers paid for $400 of services in advance. 25 Completed $3,200 of services for another customer. 30 Paid $6,800 in employee payroll. At the end of the month, $125 of supplies were on still hand. What amount of total assets does the company have at the end of the month?

The Pierce Company started operations this month and had the following transactions: 1 Owners invested $45,000 to start company 1 Purchased a twelve month insurance policy for $3,000 12 Purchased $500 of supplies on account 20 Customers paid for $400 of services in advance. 25 Completed $3,200 of services for another customer. 30 Paid $6,800 in employee payroll. At the end of the month, $125 of supplies were on still hand. What amount of total assets does the company have at the end of the month?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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