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 stockholders' 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

To find the stockholders' equity, we need to subtract the liabilities from the assets.

Assets:
Cash = $30,000
Supplies = $600
Equipment = $10,000

Total Assets = $30,000 + $600 + $10,000 = $40,600

Liabilities:
Accounts Payable = $8,500

Stockholders' Equity:
Total Assets - Liabilities = $40,600 - $8,500 = $32,100

Therefore, the correct choice is B.

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