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

question 7

Multiple Choice

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 owner's equity as of May 31 of the current year?

• A)$8,300
• B)$13,050
• C)$20,500
• D)$31,100
• E)$40,400

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Definitions:

Mental Health

The level of psychological well-being or the absence of mental illness; it encompasses emotional, psychological, and social well-being.

Needs

Fundamental physical or psychological requirements for the well-being of humans, including basic needs such as food and shelter, as well as social and emotional needs such as belonging and esteem.

Fromm

Erich Fromm was a psychoanalyst and social psychologist known for his theories on human personality, freedom, and the need for authentic human connection.

Maslow

Refers to Abraham Maslow, a psychologist known for creating Maslow's hierarchy of needs, a theory in psychology comprising a five-tier model of human needs, from basic physiological needs to self-actualization.