Reliable Watenworks provides plumbing services. Transactions of Reliable Waterworks during the first year of operations are given belo a) The owner, Steve Sharon, contributed 11,000 cash to form the business b) Paid 1,900 for equipment to be used for plumbing repairs c) Borrowed 11,000 from a local bank and deposited the money in the checking account d) Paid 600 in rent for the year. e) Paid 200 for plumbing supplies to be used on various jobs next year f) Completed a plumbing repair for a law firm and received 3,100 Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of 200 are left at the end of the year

To calculate the total assets at the end of the first year, we need to consider all the assets that Reliable Watenworks has. Based on the information provided, we can calculate the total assets as follows:<br /><br />1. Cash: The owner contributed $\$ 11,000$ in cash, and the business also borrowed $\$ 11,000$ from the bank. Therefore, the total cash is $\$ 11,000 + \$ 11,000 = \$ 22,000$.<br /><br />2. Equipment: The business paid $\$ 1,900$ for equipment. So, the total equipment value is $\$ 1,900$.<br /><br />3. Plumbing Supplies: The business paid $\$ 200$ for plumbing supplies to be used next year. Since these supplies are left at the end of the year, they are considered an asset. Therefore, the total value of plumbing supplies is $\$ 200$.<br /><br />4. Accounts Receivable: The business completed a plumbing repair for a law firm and received $\$ 3,100$. This amount is considered an asset since it represents money owed to the business. Therefore, the total accounts receivable is $\$ 3,100$.<br /><br />Now, let's calculate the total assets:<br /><br />Total Assets = Cash + Equipment + Plumbing Supplies + Accounts Receivable<br />Total Assets = $\$ 22,000 + \$ 1,900 + \$ 200 + \$ 3,100$<br /><br />Total Assets = $\$ 27,200$<br /><br />Therefore, the total assets at the end of the first year are $\$ 27,200$.