Question - A business started the current period with liabilities of $71,000 and Equity of $37,000. During the period the following business transactions took place.
1. Purchased equipment for $43,000; paying $17,000 cash and issuing a note payable for the balance.
2. Received $2,700 of the amount owed by a customer for services provided on account.
3. Paid $5,700 of the amount owed for supplies purchased on account.
4. Provided services of $3,500 on account.
5. Paid $1,900 towards rent for the current period.
Determine the assets of the business at the end of the period.
a. $146,100
b. $120,100
c. $55,900
d. $129,900