On June 30 of the current year, the assets and liabilities of Phoenix Phildell 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 property owner has defaulted on his mortgage and the lender has filed a foreclosure action to have the property sold to satisfy the lien. If the property has several liens, which of the following would have first priority?

A. A three year old mortgage lien for $96,000. B. A one year old judgement lien for $8,000. C. A mechanic's lien of $1,200 for work stared six months ago. D. A special assessment tax lien for $500 levied one year ago.

The O'Brien test (as applied to zoning regulations) has how many factors to determine the constitutionality of an ordinance with regard to live dancing

A. 2 B. 3 C. 4 D. 5