Prior to closing, total revenues were $8,315,000 and total expenses were $6,460,000. During the year, the owner
Question:
Prior to closing, total revenues were $8,315,000 and total expenses were $6,460,000. During the year, the owner made no additional investments and withdrew $408,000. After the closing entries, how much did the owner’s capital account change?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Owners Capital change by any new investments ...View the full answer
Answered By
Muhammad Imtiaz Rasool
Teaching profession brings with it lots of duties and challenges.
When I completed my Bachelor's Degree. So I entered this profession.
I am in this profession of teaching in a School for about 2 years. Every time whenever I am going to teach a class as a part of this noble profession .I am learning also. I am trying consistently ....how to represent, interpret, summarize and rethink about the whole concept I wish to teach or rather inspire my students in a specific period of time assigned to me.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business questions
-
After work, Chloe has a habit of picking up ready-to-eat meals from Ferguson's Bar at $30/meal. Suppose the government imposes a $15 tax per meal, which causes Ferguson to increase his price to...
-
Ahmed contributed cash of $20,000 into the partnership. The journal entry to record this transaction is: Cash $20,000 Dr. partnership $20,000 Cr True False 00
-
Prior to closing, total revenues were $12,840,000 and total expenses were $9,975,000. During the year, the owner made no additional investments and withdrew $630,000. After the closing entries, how...
-
Find the struggles faced by business (printed t-shirts) with suppliers? Explain what would be the communication plan for each stakeholder and how you'll implement the decision you have taken?
-
What are the SPCS83 coordinates (in ft) and convergence angle for a station in the North zone of Pennsylvania with geodetic coordinates of 4112'33.0745" N and 7623'48.9765" W?
-
In Exercises 1 through 30, either evaluate the given improper integral or show that it diverges. 3e4x dx 8 00
-
Background inventory data represent average environmental interventions related to a particular material used in a particular industry.Who supplies such information? Why has background inventory data...
-
Nathan Industries had a remaining debit balance of $20,000 in its under-and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Work in...
-
Find PV of $750 annuity due payments at the beginning of the year for 9.5 years @ 8.5% annual interest.
-
The following selected accounts appear on the Balance Sheet of Examination Corporation as of December 31, 2021. Stockholders' Equity Preferred 5% Stock, $100 par (100,000 shares authorized, 25,000...
-
The following data (in thousands) were taken from recent financial statements of Star-bucks Corporation: a. Compute the working capital and the current ratio for Year 2 and Year 1. Round to two...
-
Based on the data in Exercise 4-24, prepare the adjusting entries for Alert Security Services Co. Data from Exercise 4-24 Alert Security Services Co. offers security services to business clients. The...
-
An exterminator claims that no more than 10% of the homes he treats have termite problems within 1 year after treatment. In a sample of 100 homes, local officials find that 14 had termites less than...
-
Rachel expects her take-home annual salary this year will be about $65,000 while Finn is expects to make about $45,000. Using the traditional financial guideline suggestion of "two and a half times...
-
Problem 4. At McDonald's, 1/4 pounder burgers are cooked in a grill press. This saves time by cooking from the top and bottom at the same time. Burgers are grilled immediately after coming out of the...
-
Antie Lope has been saving $6000 annually for the past 28 years in an investment account which has been earning 9% annually. She is planning on retiring now. She is a little afraid that she might...
-
How do intersectionality frameworks enhance our understanding of social stratification by examining the interconnectedness of various social categories and identities ?
-
what extent do conflict theories effectively analyze the power dynamics and antagonistic relations inherent in social stratification systems, particularly in the context of class, race, and gender ?
-
Prepare a journal entry for the purchase of office supplies on March 9 for $1,775, paying $275 cash and the remainder on account.
-
Charles owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $800,000 and $100,000, respectively. During the current year,...
-
What are the functions of the rectifier and the regenerator in an absorption refrigeration system?
-
The values of outstanding bonds change whenever the going rate of interest changes. In general, short-term interest rates are more volatile than long-term interest rates. Therefore, short-term bond...
-
When a high jumper is in a position such that his arms and legs are hanging vertically, and his trunk and head are horizontal, calculate how far below the torsos median line the CM will be. Will this...
-
#7) (15 Mark) ABC Corporation is preparing their Cash Budget for the upcoming quarter (Jan to Mar). They are a merchandising company that sell candies and chocolates. The company has never budgeted...
-
Marigold Corporation is analyzing its account balances for 2022. As of the end of 2022, a debit balance of $4600 remains in the Manufacturing Overhead account. What impact does this have on the...
-
A study of milk production found that y= 2.90x0.015 0.250 0.350 0.408 0.030 X3 'x5' x4 where y is the output of milk, and x, ..., x5 are the quantities of five different input factors. (a) If all the...
Study smarter with the SolutionInn App