Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $198,000, expenses of $110,200, and...
Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $198,000, expenses of $110,200, and withdrew $23,200 from the business during the current year. The owner’s capital account before closing had a balance of $310,000. The ending owner’s capital balance after closing is:
A. $198,000
B. $64,600
C. $87,800
D. $374,600
E. $397,800
Homework Answers
| Calculation of ending owner's capital balance | ||||||||
| ending owners capital balance = beginning balance+(revenues-expenses-withdrawal) | ||||||||
| ending owners capital balance = 310000+(198000-110200-23200) | ||||||||
| ending owner capital balance = 374600 | ||||||||
| Option "D" is correct |
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had a question about Step 5-9. I already completed the general
journal with the entries into the general ledger. Now I need help
creating the adjusted trial balance, I cant get it to equal to
$20,743. Also, I need help completing the financial statements:
income statements, statement of owners equity, and a balance sheet.
*Net Income has to equal $1024 and total assets has to equal
$18,354.
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question is how can I balance out my adjusted trial balance...
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