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On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,970; Accounts Receivable, $8,795; Supplies, $1,803; Land, $24,968; Accounts Payable, $5,804. What is the amount of stockholders' equity as of July 1 of the current year?

Respuesta :

Answer:

$40,732

Explanation:

The computation of the amount of stockholders' equity is shown below:-

Amount of stockholders' equity = Cash + Accounts Receivable + Supplies Land - Accounts Payable

= $10,970 + $8,795 + $1,803 + $24,968 - $5,804

= $46,536 - $5,804

= $40,732

Therefore we have applied the above formula to reach out the amount of stockholders' equity.

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