Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Michael's Landscaping at December 31, 2005, the end of its first year of operations.
| Accounts receivable |
$25,000 |
| Accounts payable |
3,500 |
| Salary expense |
4,500 |
| Repairs expense |
800 |
| Truck |
8,500 |
| Equipment |
6,300 |
| Notes payable |
8,200 |
| Cash |
6,800 |
| Supplies expense |
1,600 |
| Service revenue |
22,800 |
| Gasoline expense |
800 |
| Salary payable |
2,200 |
The owner, Michael Mower, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use.
Refer to Table 1. Owner's equity at December, 31, 2005 was