Reference no: EM132091928

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