On july 1 of the current year the assets and liabilities of, Ask an Expert

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On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. What is the amount of owner's equity (John Wong's capital) as of July 1 of the current year?

a) $32,100

b) $43,700

c) $56,700

d) $65,400

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415734

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