On August 31 of the current year,the assets and liabilities of Gladstone,Inc.are as follows: Cash $30,000;Supplies,$600;Equipment,$10,000;Accounts Payable,$8,500.What is the amount of owner's equity as of August 31 of the current year?
A)$49,100
B)$32,100
C)$12,100
D)$10,900
E)$30,900

Question

Quizplus · Accepted Answer

Owner's Equity = Assets - Liabilities 
= ($30,000 + $600 + $10,000) - $8,500 
= $32,100

On August 31 of the Current Year,the Assets and Liabilities