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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