At the beginning of the year, a company’s balance sheet reported the following balances: Total
Assets = $125,000; Total Liabilities = $75,000; and Owner’s Capital = $50,000. During the year,
the company reported revenues of $46, 000 and expenses of $30, 000. In addition, owner’s
withdrawals for the year totaled $20,000. Assuming no other changes to owner’s capital, the
balance in the owner’s capital account at the end of the year would be:
Assets = $125,000; Total Liabilities = $75,000; and Owner’s Capital = $50,000. During the year,
the company reported revenues of $46, 000 and expenses of $30, 000. In addition, owner’s
withdrawals for the year totaled $20,000. Assuming no other changes to owner’s capital, the
balance in the owner’s capital account at the end of the year would be:
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