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:

Manager

An individual responsible for controlling or administering an organization or group of staff.

ERP Systems

Enterprise Resource Planning systems that integrate core business processes such as finance, HR, manufacturing, and supply chain into a single system.

TPSs

Transaction Processing Systems (TPSs) are computerized systems that perform and record daily routine transactions necessary to the conduct of the business.

ERP Implement

The process of deploying Enterprise Resource Planning software, which integrates various functions of a business into one complete system to manage processes and information across the organization.