Question: Ivanhoe's Will Ring, a proprietorship, started the year with total liabilities of ( $ 62000 ) and total equity of ( $ 56700 ). During

Ivanhoe's Will Ring, a proprietorship, started the year with total liabilities of \\( \\$ 62000 \\) and total equity of \\( \\$ 56700 \\). During the year, the business recorded \\( \\$ 86000 \\) in service revenues and \\( \\$ 69400 \\) in expenses, and M. Ivanhoe, the owner, withdrew \\( \\$ 4400 \\). Ivanhoe's capital balance increased by what amount during the year? \\[ \\begin{array}{l} \\$ 16600 \\\\ \\$ 12200 \\\\ \\$ 18000 \\\\ \\$ 5300 \\end{array} \\] Attempts: 0 of 1 used
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
