The income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information: Revenues $7,000Expenses: Salaries and Wages Expense$3,000 Rent Expense$1,000 Advertising Expense$800 Supplies Expense$300 Insurance Expense$100 Total expenses $5,200Net income $1,800At June 1, 2012, Camera Obscura reported owner's equity of $35,000. The company had no owner drawings during June. At June 30, 2012, the company will report owner's equity of:a. $29,800.b. $35,000.c. $36,800.d. $42,000.

Owner's equity, also known as net assets, is the residual interest in the assets of the entity after…

Answered: The income statement for the month of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information:

Revenues		$7,000
Expenses:
Salaries and Wages Expense	$3,000
Rent Expense	$1,000
Advertising Expense	$800
Supplies Expense	$300
Insurance Expense	$100
Total expenses		$5,200
Net income		$1,800

At June 1, 2012, Camera Obscura reported owner's equity of $35,000. The company had no owner drawings during June. At June 30, 2012, the company will report owner's equity of:

a. $29,800.

b. $35,000.

c. $36,800.

d. $42,000.

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