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At the end of its first month of operations, Michael's Consulting Services reported a net income of $28,300
At the end of its first month of operations, Michael's Consulting Services reported a net income of $28,300.
They also had account balances of Cash, $20,200; Office Supplies, $2,550, and Accounts Receivable $11,100.
The owner's total investment for this first month was $5,550.
There were no owner withdrawals in the first month.
Calculate the ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity.
Expert Solution
The ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity is $33,850.
Explanation:
| Amount | |
| Beginning balance in the owner's investment | $5,550 |
| Net income earned during the year | $28,300 |
| Withdrawls | $0 |
| Ending balance in the owner's capital account | $33,850 |
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