The income statement for the month of June 2017 of Schnebly

The income statement for the month of June 2017 of Schnebly Snacks

, Inc. contains the following information:

At June 1, 2017, Schnebly Snacks reported owner’s equity of $37,000. The company had owner drawings of $3,000 during June. At June 30, 2016, the company will report owner’s equity of

Revenues		$7,300
Expenses:
Salaries and Wages Expense	$3,000
Rent Expense	1,300
Advertising Expense	700
Supplies Expense	200
Insurance Expense	100
Total expenses		5,300
Net income		$2,000

Solution

Owner’s equity at June 30, 2017 = 37000+2000-3000 = $36000