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18 May, 10:11

On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows:

Cash $31,800;

Supplies, $740;

Equipment, $11,300;

Accounts Payable, $10,100.

What is the amount of equity as of August 31 of the current year?

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  1. 18 May, 10:55
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    The equity for this firm is $32,540

    Explanation:

    Using the accounting equation we can solve for the equity:

    assets = Liabilities + Equity

    Equity = Assets - Liabilities

    Now, we need to determiante the totals for assets and liabilities and sovle for equity:

    Cash 31,800

    Supplies 740

    Equipment 11,300

    Total Assets 43,840

    Liabilities 11,300

    Equity = 43,840 - 11,300 = 32,540
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