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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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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