Question
Tarr, a sole proprietorship, had the following balances and transactions during 2017: beginning capital, $40,000; contribution of cash to the business by the owner, $15,000;
Tarr, a sole proprietorship, had the following balances and transactions during 2017: beginning capital, $40,000; contribution of cash to the business by the owner, $15,000; revenue, $60,000; expenses, $35,000; withdrawal by the owner, $5,000. What is the amount of the ending capital balance?
a.$40,000
b.$85,000
c.$60,000
d.$75,000
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Advanced Financial Accounting
Authors: Richard Baker, Theodore Christensen, David Cottrell
9th edition
78110920, 978-0077899165, 77899164, 978-0077484255, 77484258, 978-0078110924
