At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $11,350, Prepaid Insurance, $400, Equipment, $26,200 and Cash, $21,650. On the same date, SloMo owed the following creditors: Simpson Supply Company. $17,000, Allen Office Equipment, $14,500. The total amount of Liabilities is Multiple Choice $3.500 o oo

The total Liabilities are $ 31,500

Explanation:

SloMo Delivery Service

The following are the assets of the company.

Cash, $21,650

Accounts Receivable, $11,350,

Prepaid Insurance, $400,

Equipment, $26,200

Total Assets $ 59,600

The creditors or Accounts Payable are the liabilities of the company.

Given creditors

Simpson Supply Company. $17,000

Allen Office Equipment, $14,500

The total Liabilities are $ 31,500

Owner's Equity = $ 59,600 - $ 31,500 = $ 28,100

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"