Total Liabilities and Owner's Equity at December 31, 2020:

Question 6 0 / 1 MS The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: Accounts payable $ 19,000 Accounts receivable 13,000 Accumulated depreciafion - equipment 26,000 Advertising expense 21,200 Cash 15,000 Owner's capital (131.20) 104,000 Ownefs drawings 11,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,800 Note payable, due 6.30.521 72,000 Prepaid insurance (12-month policy) 7,200 Rent expense 16,000 Salaries and wages expense 32,000 Service revenue 135,000 Supplies 5,000 Supplies expense 6,000 What is total liabilities and owner's equity at December 31, 2020? I Correct Answer $228,000 You Answered ' $239,000 $195,000 $184,000 $135,000 - $21,200 - $12,000 - $3,800 - $16,000 - $32,000 — $6,000 = $44,000; $19,000 + $72,000 = $91,000; $91,000 + ($104,000 + $44,000 — $11,000) = $228,000 [(Accts. pay. + Note pay.) + (Beg. owner's cap. + (Serv. rev. — Advert. exp. — Depr. exp. — Ins. exp. — Rent exp. — Sal. & wages exp. — Supp. exp.) — Owner's draws.) = Tot. liabl. & owner's equity]