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:

Vendors

Individuals or companies that sell goods or services, often in a specific marketplace or industry.

Self Competency

The belief in one's ability to execute tasks and manage situations effectively.

Predictable Situations

Circumstances or outcomes that can be anticipated based on existing patterns or known factors.

Organizational Resistance

Opposition or pushback from within an organization against changes or new policies.