On June 30 of the current year,the assets and liabilities of Phoenix,Inc.are as follows: Cash $20,500; Accounts Receivable,$7,250; Supplies,$650; Equipment,$12,000; Accounts Payable,$9,300.What is the amount of owner's equity as of June 30 of the current year?

Question

Quizplus · Accepted Answer

Assets = Liabilities + Owner's Equity
Cash + Accounts Receivable + Supplies + Equipment = Accounts Payable + Owner's Equity
$20,500 + $7,250 + $650 + $12,000 = $9,300 + Owner's Equity
$40,400= $9,300 + Owner's Equity; Owner's Equity = $31,100

On June 30 of the Current Year,the Assets and Liabilities