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McCoy Company provides plumbing services. The company is a sole proprietorship. Transactions during the first...

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Accounting

McCoy Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below.

a) The owner, Sharon McCoy, contributed $10,000 cash in exchange for capital.
b) Paid $1100 cash for equipment to be used for plumbing repairs.
c) Borrowed $12,000 from a local bank and deposited the money in the checking account.
d) Paid $300 rent for the year.
e) Purchased $200 of office supplies by cash.
f) Completed a plumbing repair project for a local lawyer and received $3200 cash.

Calculate the amount of total liabilities at the end of the first year.

$3200

$10,000

$12,000

$20,900

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