Joe's Bicycle Repair Shop, a proprietorship, started the year with total assets of $75,000 and total liabilities of $48,000. During the year, the business recorded $120,000 in repair revenues, $70,000 in expenses, and Joe Smith, the owner, withdrew $12,000. What is Joe's capital balance at the end of the year? Options: a) $50,000 b) $65,000 c) $63,000 d) $52,000
Joe's Bicycle Repair Shop, a proprietorship, started the year with total assets of $75,000 and total liabilities of $48,000. During the year, the business recorded $120,000 in repair revenues, $70,000 in expenses, and Joe Smith, the owner, withdrew $12,000. What is Joe's capital balance at the end of the year? Options: a) $50,000 b) $65,000 c) $63,000 d) $52,000
Chapter11: Investor Losses
Section: Chapter Questions
Problem 64P
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What is joe s capital balance at the end of the year ? General accounting question
Transcribed Image Text:Joe's Bicycle Repair Shop, a proprietorship, started the year with total assets of
$75,000 and total liabilities of $48,000. During the year, the business recorded
$120,000 in repair revenues, $70,000 in expenses, and Joe Smith, the owner,
withdrew $12,000.
What is Joe's capital balance at the end of the year?
Options:
a) $50,000
b) $65,000
c) $63,000
d) $52,000
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