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

question 177

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 July 1 of the current year?

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

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Definitions:

Configural Model

A model that suggests that elements are perceived and processed holistically rather than as a simple sum of their parts.

First Impressions

Initial judgments or assessments made upon encountering someone or something for the first time, which can be lasting and influential.

Asch

Pertains to a landmark study or perspective in social psychology exploring conformity and the influence of group pressure on individual behavior.

Cognitive Consistency

Refers to the psychological theory suggesting humans are motivated to maintain consistency between their beliefs, attitudes, and behaviors to reduce mental dissonance.