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

---

Definitions:

PayRecord Structures

PayRecord structures are likely user-defined data types in programming that store information related to payroll or employee payment records.

Array

A data structure that can store a fixed-size sequential collection of elements of the same type.

Employee Array

A data structure that holds a collection of employee information, structured in such a way that each element of the array represents one employee.

First Structure

The initial definition in a set of related definitions to create complex, composite data types.