On May 31 of the current year, the assets and liabilities of Riser, 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 stockholders' equity as of May 31 of the current year?
A)$8,300
B)$13,050
C)$20,500
D)$31,100
E)$40,400

Question

Quizplus · Accepted Answer

Stockholders' equity can be calculated using the formula: 
Stockholders' equity = Assets - Liabilities

From the given information:
Assets = $20,500 + $7,250 + $650 + $12,000 = $40,400
Liabilities = $9,300

Therefore, Stockholders' equity = $40,400 - $9,300 = $31,100. 
So, the correct answer is D.

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