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On August 31 of the Current Year,the Assets and Liabilities

Question 2

Multiple Choice

On August 31 of the current year,the assets and liabilities of Gladstone,Inc.are as follows: Cash $30,000;Supplies,$600;Equipment,$10,000;Accounts Payable,$8,500.What is the amount of owner's equity as of August 31 of the current year?


A) $49,100
B) $32,100
C) $12,100
D) $10,900
E) $30,900

Correct Answer:

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