At the End of the First Month of Operations for SloMo

Multiple Choice

At the end of the first month of operations for SloMo Delivery Service,the business had the following accounts: Accounts Receivable,$1,200;Prepaid Insurance,$500;Equipment,$36,200 and Cash,$40,650.On the same date,SloMo owed the following creditors: Simpson Supply Company,$12,000;Allen Office Equipment,$9,500. The total assets for the SloMo Delivery Service are

A) $42,350.
B) $78,550.
C) $76,850.
D) $41,850.