The income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3,000 $7,000 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 Expenses: Salaries and Wages Expense $3,000 $7,000 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.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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The Butler-Huron Company’s balance sheet and income statement for last year are as follows:Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $142 Accounts payable*** $808Accounts receivable* 941 Accrued liabilities Inventories** 1,607 (salaries and benefits) 508Other current assets 35 Other current liabilities 534Total current assets $2,725 Total current liabilities $1,850Plant and equipment (net) 3,029 Long-term debt and other Other assets 5,796 liabilities 2,228Total assets $5,796…
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