FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On a post-closing trial balance, if the owner of a company has a total capital at the end of the accounting period of $22050, and

On a post-closing trial balance, if the owner of a company has a total capital at the end of the accounting period of $22050, and he withdrew $2000 from his company for personal reasons, would you subtract the drawings from the capital account before writing the final capital amount on the statement?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

4th edition

978-0134125053, 9780134114781, 134125053, 134114787, 978-0134436111

More Books

Students also viewed these Accounting questions

Question

★★★★★
It is the end of 2013. The All-Fixed Company began operations in January 2012. The company is so named because it has no variable costs. All its costs are fixed; they do not vary with output. The...

Answered: 1 week ago

Question

★★★★★
Transfer pricing OBJ. 5 The materials used by the Multinomah Division of Isbister Company are currently purchased from outside suppliers at $90 per unit. These same materials are produced by the...

Answered: 1 week ago

Question

★★★★★
3. Appreciate the principles of effective offending behaviour programmes and how issues relating to delivery may impact on effectiveness.

Answered: 1 week ago

Question

★★★★★
Comparative figures for Polaris and Arctic Cat follow. Required 1. Compute total asset turnover for the most recent two years for Polaris and Arctic Cat using the data shown. 2. Which company is more...

Answered: 1 week ago

Question

★★★★★
I need help with Income statement and Retained earnings statement chart please! Thank you so much! Assets - Liabilities+ Accounts Common Cash +Supplies Sales Payable +Stock 24,000 3,600V - Dividends...

Answered: 1 week ago

Question

★★★★★
The following are the Year 9 income statements of Kent Corp. and Laurier Enterprises. Additional Information: Kent acquired its 40% interest in the common shares of Laurier in Year 3 at a cost of...

Answered: 1 week ago

Question

★★★★★
Determine whether the following items should be recognised in the accounts of Sonic Ltd: Sonic Ltd has been notified that a former employee has commenced legal action for unfair dismissal, claiming...

Answered: 1 week ago

Question

★★★★★
Whether someone is a manager or a lower-status employee, a company fines them every time they "clock in" late for work. This shared accountability is an example of ____________

Answered: 1 week ago

Question

★★★★★
Bless Ltd. purchased equipment for $80,000, with an expected salvage value of $5,000 after 8 years. Calculate the book value after 3 years using the double-declining balance method. Question 21...

Answered: 1 week ago

Question

★★★★★
Mike White is planning to save up for a trip to Europe in three years. He will need 7,605 when he is ready to make the trip. He plans to invest the same amount at the end of each of the next three...

Answered: 1 week ago

Question

★★★★★
Transaction Analysis Mead Pet Hospital, owned by R. Mead, a veterinarian, opened for business on December 1 of the current year. Using the horizontal worksheet below, record the following December...

Answered: 1 week ago

Question

★★★★★
In essay format answer the following questions about the topic "Tourette syndrome" Description of the problem / topic of investigation (review of the literature) Why this problem / topic is important...

Answered: 1 week ago

Question

★★★★★
What is the fifth step of the strategic management process? Multiple choice question. Development of control systems Strategy implementation Problem identification Creation of mission and vision...

Answered: 1 week ago

Question

★★★★★
10. Imagine that the goal has been reached. Now think about the path you have to take to reach the goal. How did you influence other people to achieve your goal? Imagine walking along the path you...

Answered: 1 week ago

Question

★★★★★
2. How do I perform this role?

Answered: 1 week ago

Question

★★★★★
6. List one and only one societal role that you wish you had performed better in. Spend the next month on a small push to improve your personal performance within this role. At the end of the month,...

Answered: 1 week ago

Previous Question Next Question