Question
At the beginning of the year, a companys balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owners Capital
At the beginning of the year, a companys balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owners Capital = $50,000. During the year, the company reported revenues of $46, 000 and expenses of $30, 000. In addition, owners withdrawals for the year totaled $20,000. Assuming no other changes to owners capital, the balance in the owners capital account at the end of the year would be:
Owners Capital at the beginning of the year | Type your answer here |
Reported Revenues | Type your answer here |
Expenses during the year | Type your answer here |
Owners Withdrawals during the year | Type your answer here |
Expanded Accounting Equation is: Assets = Liabilities + { Owner Capital (Line 1) Owner Withdrawals (Line 4) + Revenues (Line 2) Expenses (Line 3) } / Equity | Type your answer here |
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