Johnson waterworks company provides plumbing services. the company is a sole proprietorship. transactions during the first year of operations are provided below. a) the owner, mitchell johnson, contributed $14,000 cash in exchange for capital b) paid $1,100 for equipment to be used for plumbing repairs. c) borrowed $14,000 from a local bank and deposited the money in the checking account. d) paid $600 in rent for the year. e) paid $300 for plumbing supplies to be used on various jobs next year. completed a plumbing repair for a law firm and received $3,400. calculate the amount of total assets at the end of the first year. assume the plumbing supplies of $300 are left at the end of the year. oa. $28,000 o b. $1,100 oc. $1,400 d. $30,800

D. $30,800

Explanation:

The computation of the total assets is shown below:

= Cash + equipment + supplies

where,

Cash would be

= Capital - paid cash for equipment + borrowed amount - rent paid - supplies + received amount

= $14,000 - $11,000 + $14,000 - $600 - $300 + $3,400

= $19,500

And, the other items would be same

So, the total assets would be

= $19,500 + $11,000 + $300

= $30,800

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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