Question

n August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $27,900; Supplies, $900; Equipment, $8,500; Accounts Payable, $7,300. What is the amount of stockholders’ equity as of August 31 of the current year?

Answer 1

The amount of stockholders’ equity as of August 31 of the current year is $26400.

How to calculate the equity?

The owner's equity will be:

= Cash + Supplies + Equipment - Account payable

= 27900 + 900 + 8500 - 7300

= 26400

Therefore, the amount of stockholders’ equity as of August 31 of the current year is

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