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On July 1 of the Current Year, the Assets and Liabilities

Question 234

Essay

On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $27,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount of stockholders' equity as of July 1 of the current year?

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$63,500
($27,000 Cash + $12,30...

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