On May 31 of the current year,the assets and liabilities of Riser,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 stockholders' equity as of May 31 of the current year?

Question

Quizplus · Accepted Answer

To calculate stockholders' equity, we need to subtract liabilities from assets. Therefore,
Stockholders' Equity = Assets - Liabilities
= (Cash + Accounts Receivable + Supplies + Equipment) - Accounts Payable
= ($20,500 + $7,250 + $650 + $12,000) - $9,300
= $40,100 - $9,300
= $30,800
Therefore, the amount of stockholders' equity as of May 31 of the current year is $31,100. Hence, the correct answer choice is D.

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