connect.htm Help Save &x At the end of its first month of operations, Michael\'s

Question

connect.htm Help Save &x At the end of its first month of operations, Michael's Consulting Services reported net income of $28,000 They also had account balances of Co $20,000; Office Supplies, $2,500 and Accounts Recelvable $11,000. The owner's total investment for this first month was $5,500 There were n 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 Multiple Choice $33,500 $28,000 $22,500 $5,500 s8.000 Pre3or4 Next

Explanation / Answer

Ending balance in Owner's Capital account = 5500+28000 = $33500 Option 1 is correct

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