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Calculate the ending balance in the owner capital account

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Reference no: EM132660108

Problem 1: At the end of its first month of operations, JMP Consulting 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.

A. $30,000
B. $25,000
C. $20,000
D. $5,000
E. $7,000

Reference no: EM132660108

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