The owner of a firm had capital of $87,000 on January 1, 2019, and made withdrawals of
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Question:
The owner of a firm had capital of $87,000 on January 1, 2019, and made withdrawals of $33,500 during 2019. The business earned a net income of $47,000 for the year.
What amount of capital was shown as of December 31, 2019, on the statement of owner’s equity?
How much was the increase or decrease in capital for the year?
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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