Question
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is $22,000. The owner withdrew $30,000 cash
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is $22,000. The owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
-
$64,000.
-
$94,000.
-
$124,000.
-
$80,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
