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

question 40

Multiple Choice

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) $12,100.
• B) $49,100.
• C) $30,900.
• D) $10,900.
• E) $32,100.

---

Definitions:

Greenhouse Gas Emissions

The release of gases into Earth's atmosphere that trap heat, causing the greenhouse effect and contributing to global warming and climate change.

FASB Requirements

Guidelines and standards for financial accounting and reporting in the United States issued by the Financial Accounting Standards Board.

Accounting Standards

The rules that determine the accounting for individual business transactions.

Sustainability Reporting

The practice of publishing information about a company's environmental, social, and governance (ESG) performance and impact.