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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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