At the End of Its First Month of Operations,Michael's Consulting

question 95

Multiple Choice

At the end of its first month of operations,Michael's Consulting Services reported net income of $25,000.They also had account balances of: Cash,$18,000;Office Supplies,$2,000 and Accounts Receivable $10,000.The owner's total investment for this first month was $5,000. Calculate the ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity.

• A)$30,000
• B)$25,000
• C)$20,000
• D)$5,000
• E)$7,000

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Definitions:

Liquid Medium

A fluid substance, often used in laboratory practices, that supports the growth, storage, or transport of microorganisms or cells.

Ice Slurry

A mixture of ice crystals and a liquid, which is often used for cooling in various applications, including medical therapy to reduce body temperature.

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Elements related to the physical environment that can influence the development and health of societies and ecosystems.