Question
At the end of its first year of operations, Shapiro's Consulting Services reported net income of $29,700. They also had account balances of: Cash, $18,100;
At the end of its first year of operations, Shapiro's Consulting Services reported net income of $29,700. They also had account balances of: Cash, $18,100; Office Supplies, $3,200, Equipment, $25,200 and Accounts Receivable, $8,000. The owner's total investment for this first year was $18,600 and the owner withdrew $2,420 for personal use. Calculate the ending balance to be reported on the Statement of Owner's Equity in the Owner's Capital account. Question
a. $66,400
b. $29,700
c. $47,900
d. $45,880
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Computer Accounting Essentials Using Quickbooks 2014
Authors: Carol Yacht, Susan Crosson
7th Edition
1259277372, 978-1259277375
