On June 30 of the Current Year, the Assets and Liabilities

Multiple Choice

On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?

A) $8,300
B) $13,050
C) $20,500
D) $31,100
E) $40,400