Describe the amount of owner equity, Accounting Basics

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Describe the amount of owner equity

On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $21,200; Accounts Receivable, $7,600; Supplies, $720; Equipment, $15,500; Accounts Payable, $10,000. What is the amount of owner's equity as of July 1 of the current year?

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Accounting Basics: Describe the amount of owner equity

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Request for Solution File

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Accounting Basics: Describe the amount of owner equity

Reference No:- TGS056020

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Amount of direct materials price variance

Q : Present federal income tax liability

Q : Calculating accurate financial projections

Q : Allocated downward to departmental operations

Q : Describe the amount of owner equity

Q : Deferred compensation liability

Q : Negative information with regard to a potential audit client

Q : Determine the balance in retained earnings

Q : Appropriate discount rate for postretirement plan problem

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Describe the amount of owner equity

Reference No:- TGS056020

Recent Questions Asked Accounting Basics

Q : Amount of direct materials price variance

Q : Present federal income tax liability

Q : Calculating accurate financial projections

Q : Allocated downward to departmental operations

Q : Describe the amount of owner equity

Q : Deferred compensation liability

Q : Negative information with regard to a potential audit client

Q : Determine the balance in retained earnings

Q : Appropriate discount rate for postretirement plan problem

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