The Income Statement for the month of June, 2019 of Camera Obscura Enterprises contains the following information:
Revenues $127,000
Expenses:
Salaries and Wages Expense $13,000
Rent Expense 11,000
Advertising Expense 800
Supplies Expense 300
Insurance Expense 100
Total expenses 25,200
Net income $101,800
At June 1, 2019, Camera Obscura reported owners equity of $635,000. The company had no owner drawings during June. At June 30, 2019, the company will report Owners Equity of
A.
$635,000.
B.
$729,800.
C.
$736,800.
D.
$742,000.
Answer & Explanation
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