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:

• $87,800

• $397,800

• $64,600

• $374,600

• $198,000

Answer rating: 100% (QA)

Calculation of ending owners capital balance en... View the full answer