[Solved] At the End of Its First Month of Operations, Michael's
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. There were no owner withdrawals in the first month. Calculate the ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity.