At the end of its first year of operations, Shapiro's Consulting Services reported net income of $27,000. They also had account balances of: Cash, $16,000; Office Supplies, $3,200; Equipment, $24,000 and Accounts Receivable, $8,000. The owner's total investment for this first year was $15,000 and the owner withdrew $2,000 for personal use.What are the total liabilities of Shapiro's Consulting Services at the end of the first year of operations?
A. $24,200
B. $27,000
C. $42,000
D. $11,200
Answer: D
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