At the End of Its First Year of Operations, Shapiro's

question 19

Multiple Choice

At the end of its first year of operations, Shapiro's Consulting Services reported net income of
$27,000. They also had account balances of: Cash, $16,000; Office Supplies, $3,200, Equipment,
$24,000 and Accounts Receivable, $8,000. The owner's total investment for this first year was
$15,000 and the owner withdrew $2,000 for personal use. Calculate the ending balance to be reported on the Statement of Owner's Equity in the Owner's Capital account.

• A)$40,000
• B)$42,200
• C)$58,000
• D)$27,000

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Definitions:

Specimen Container

A container used to collect and transport samples, such as bodily fluids or tissues, for medical testing and analysis.

Patient Gown

A hospital or medical facility garment, typically loose and open at the back, provided to patients to wear during medical examinations or treatments.

Tongue Blades

Thin tools, often made of wood, used in medical examinations to depress the tongue and inspect the mouth and throat.

Scalpel

A small and extremely sharp bladed instrument used for surgery, anatomical dissection, and various arts and crafts.