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

question 124

Multiple Choice

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?

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

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Definitions:

Year 2

Typically refers to the second year in a given context, such as the second year of a business, investment, or educational program.

Gross Margin Percentage

A financial metric that measures the difference between revenue and cost of goods sold as a percentage of revenue.

Year 2

Generally refers to the second year of a specific time period, such as a fiscal or calendar year.

Net Profit Margin Percentage

A financial metric that shows the percentage of net income generated from total revenues, indicating a company's profitability.