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. $66,400 $29,700 $47,900 $45,880

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. $66,400 $29,700 $47,900 $45,880