At the end of its first month of operations, Michael's Consulting Services reported net income of $27,400. They also had account balances of: Cash, $19,600; Office Supplies, $2,400 and Accounts Receivable $10,800. The owner's total investment for this first month was $5,400. 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.

$32,800

Explanation:

The computation of the ending balance in the owner capital account is shown below:

= Net income reported + total investment for the first month

= $27,400 + $5,400

= $32,800

We simply added the net income and the total investment reported during the month so that the ending balance  in the owner capital account could arrive

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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