Palmer Hand Clinic has the following accounts and balances: Cash, $2,350
Accounts Receivable, $280
Professional Equipment, $1,200
Office Equipment, $6,700
Accounts Payable, $4,380
P.Palmer, Capital, $2,000
Income from Services, $6,000
Rent Expense, $1,850
What is the amount of assets?

Question

Quizplus · Accepted Answer

The amount of assets is the total value of all the items that the business owns. In this case, the assets include Cash ($2,350), Accounts Receivable ($280), Professional Equipment ($1,200), and Office Equipment ($6,700). Adding these up, we get $10,530, which is the amount of assets. Therefore, option C is the correct answer.

Palmer Hand Clinic Has the Following Accounts and Balances: Cash