Chen's Computer Repair Service, a proprietorship, started the year with total assets of $75,000 and total liabilities of $45,000. During the year, the business recorded $120,000 in repair revenues, $68,500 in expenses, and Chen Wu, the owner, withdrew $12,500. Chen's capital balance at the end of the year was: a) $69,000 b) $30,000 c) $51,500 d) $64,000
Chen's Computer Repair Service, a proprietorship, started the year with total assets of $75,000 and total liabilities of $45,000. During the year, the business recorded $120,000 in repair revenues, $68,500 in expenses, and Chen Wu, the owner, withdrew $12,500. Chen's capital balance at the end of the year was: a) $69,000 b) $30,000 c) $51,500 d) $64,000
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 31CE
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Transcribed Image Text:Chen's Computer Repair Service, a proprietorship, started the year with total
assets of $75,000 and total liabilities of $45,000. During the year, the business
recorded $120,000 in repair revenues, $68,500 in expenses, and Chen Wu, the
owner, withdrew $12,500. Chen's capital balance at the end of the year was:
a) $69,000
b) $30,000
c) $51,500
d) $64,000
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