Sharon Samson owns Reliable Waterworks, which provides plumbing service. Transactions of Reliable Waterworks during the first year of operations are given below:
- Sharon contributed $14,000 into a new checking account for the business and recorded capital contribution.
- Paid $2,000 for equipment to be used for plumbing repairs
- Borrowed $15,000 from a local bank and deposited the money in the checking account
- Paid $600 as rent for the year
- Paid $500 for plumbing supplies to be used on various jobs in the future
- Completed a plumbing repair project for a local lawyer and received $3,500
Calculate the amount of total assets balance at the end of the first year.