on july 1 of the current year, the assets and liabilities of john wong, dvm, are as follows: cash, $10,745…

on july 1 of the current year, the assets and liabilities of john wong, dvm, are as follows: cash, $10,745; accounts receivable, $8,294; supplies, $1,845; land, $24,031; accounts payable, $5,966. what is the amount of stockholders’ equity as of july 1 of the current year?

on july 1 of the current year, the assets and liabilities of john wong, dvm, are as follows: cash, $10,745; accounts receivable, $8,294; supplies, $1,845; land, $24,031; accounts payable, $5,966. what is the amount of stockholders’ equity as of july 1 of the current year?

Answer

Explanation:

Step1: Calculate total assets

Total assets = Cash + Accounts Receivable+ Supplies + Land Total assets = $10,745 + $8,294+ $1,845 + $24,031 Total assets = $44,915

Step2: Use accounting - equation

The accounting equation is Assets = Liabilities+ Stockholders' Equity. So, Stockholders' Equity = Assets - Liabilities. Stockholders' Equity = $44,915 - $5,966

Answer:

$38,949