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question1 Tom is the sole proprietor of his own company. At the start of the year, the balance in his capital account is $60,000. Revenue
question1
Tom is the sole proprietor of his own company. At the start of the year, the balance in his capital account is $60,000. Revenue earned was $100,000; expenses were $114,000; Tom invested an additional $80,000 in the company and made a $35,000 cash withdrawal. Calculate the year-end balance in the capital account, after all closing journal entries.
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