On July 1 of the current year, the assets and liabilities of Wong Industries, 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 stockholders' equity as of July 1 of the current year? A. $32,100

B. $43,700

C. $56,700

D. $65,400

Question

Business

Coconut

23 February, 01:43

On July 1 of the current year, the assets and liabilities of Wong Industries, 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 stockholders' equity as of July 1 of the current year? A. $32,100

B. $43,700

C. $56,700

D. $65,400

+1

Answers (1)

Know the Answer?

Caitlin Young · Answer 1

C. $56,700

Explanation:

From the accounting equation which shows the relationship between the elements of a balance sheet namely; asset, liabilities and equity.

Asset = liabilities + equity

Total assets = $15,000 + $12,300 + $3,100 + $35,000 = $65,400

Total liabilities = $8,700

Stockholders' equity = $65,400 - $8,700

= $56,700

The stake of the owners of the company is $56,700