The income statement for the month of June, 2016 of Skysong, Inc. contains the following information:...
The income statement for the month of June, 2016 of Skysong, Inc. contains the following information: Revenues $6800 Expenses: Salaries and Wages Expense $2880 Rent Expense 1490 Advertising Expense 740 Supplies Expense 300 Insurance Expense 90 Total expenses 5500 Net income $1300 At June 1, 2016, Skysong reported owner’s equity of $36200. The company had no owner drawings during June. At June 30, 2016, the company will report owner’s equity of $43000. $30700. $36200. $37500.
Homework Answers
Solution:
The company will report owner's equity on June 30, 2016 = Owner's equity on Jun 1, 2016 + Net Income
= $36,200 + $1,300 = $37,500
Hence last option is correct.
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