The income statement for the month of August 2019 of Clear View Optics contains the following information: • Revenues: $9,500 • Expenses: ○ Salaries and Wages Expense: $4,200 ○ Rent Expense: $1,200 ○ Advertising Expense: $1,000 о Supplies Expense: $400 о Insurance Expense: $200 • Total Expenses: $7,000 • Net Income: $2,500 At August 1, 2019, Clear View Optics reported owner's equity of $48,000. The company had no owner drawings during August. At August 31, 2019, what will be the owner's equity reported?

The income statement for the month of August 2019 of Clear View Optics contains the following information: • Revenues: $9,500 • Expenses: ○ Salaries and Wages Expense: $4,200 ○ Rent Expense: $1,200 ○ Advertising Expense: $1,000 о Supplies Expense: $400 о Insurance Expense: $200 • Total Expenses: $7,000 • Net Income: $2,500 At August 1, 2019, Clear View Optics reported owner's equity of $48,000. The company had no owner drawings during August. At August 31, 2019, what will be the owner's equity reported?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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