5. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The Net Income for the year is: a - $81,300. b - $63,300 C-$360,300 d - $378,300 6. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The ending owner's capital balance after closing is: a-$360,000 b - $360,300 C-$250,000 d - $150,000 7. The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Sue Harris, Capital account? Total revenues. 125,000 Total expenses 60,000 Sue Harris, Capital. 80,000 Sue Harris, Withdrawals.... 15,000 a - $65,000 b - $80,000 c- $130,000 d - $280,000 8) A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: a-$287,000 b - $278,000. C-$471,000 d - $417,000