Your company started the year with $12,000 in owner's equity and $5,000 in liabilities.  During the year, the company earned $7,500 in revenues and incurred $1,500 in wages and $1,000 in rent.  In addition, you took out $2,000.  Liabilities at the end of the year were $3,500.  What is the ending balance of the asset accounts?

Box 1: Select the best answer