Pac, Capital is $1,000 on Jan 1, 20xx. The company had credit sales of $90,000; cash collections of accounts receivable of $80,000; cost of goods sold of $30,000; operating expenses of 20,000; a gain of $10,000; owner withdrawals of $4,000 and owner investments of $1,000 during the year. Determine the December 31, 20xx balance of Pac, Capital.

Answer rating: 100% (QA)

To determine the December 31 20xx balance of Pac Capital w... View the full answer