The figures below show the balances for the different accounts at the end of June for Sawyer Architecture Services. Greg Sawyer opened this business on June 1. A. What was the net income of net loss for Sawyer Architecture Services for the month of June?
Answer to Part A.
Net income = Revenue – Expenses
Net Income = $5,200 – $3,500
Net Income = $1,700
Answer to Part B.
Balance for G. Sawyer Capital = G. Sawyer Capital + Retained Earning
Balance for G. Sawyer Capital = $69,600 + $1,700
Balance for G. Sawyer Capital = $71,300
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