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At the beginning of July, Galaxy Moving Company showed the following data on its balance sheet dated June 30. Galaxy Moving Company Balance Sheet June
At the beginning of July, Galaxy Moving Company showed the following data on its balance sheet dated June 30. Galaxy Moving Company Balance Sheet June 30 Assets Liabilities Cash $10,700 Accounts payable $16,595 Accounts receivable 6,800 Supplies 95 Vehicle 13,000 Owners Equity Mr. Orbit, capital 14,000 Total assets $30,595 Total liabilities and owners equity $30,595 July data: Galaxy had net income of $6,975 for the month ended July 31. There was no additional investment by the owner in July. The owner had a total of $1,800 cash withdrawals for personal use during the month. What is the ending balance of the Mr. Orbit, capital account on July 31? a. $12,200 b. $19,175 c. $8,825 d. $22,775
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