Lisa's Craft Supplies, a proprietorship, began the year with total assets of $75,000 and total liabilities of $50,000. During the year, the business recorded $120,000 in revenue and $68,000 in expenses, and Lisa, the owner, withdrew $12,000. What is Lisa's capital balance at the end of the year? a) $67,000 b) $65,000 c) $70,000 d) $72,000
Lisa's Craft Supplies, a proprietorship, began the year with total assets of $75,000 and total liabilities of $50,000. During the year, the business recorded $120,000 in revenue and $68,000 in expenses, and Lisa, the owner, withdrew $12,000. What is Lisa's capital balance at the end of the year? a) $67,000 b) $65,000 c) $70,000 d) $72,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 77P: During the last five months of the year, Dwana opens a new Internet telecommunications business...
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Transcribed Image Text:Lisa's Craft Supplies, a proprietorship, began the year with
total assets of $75,000 and total liabilities of $50,000.
During the year, the business recorded $120,000 in
revenue and $68,000 in expenses, and Lisa, the owner,
withdrew $12,000.
What is Lisa's capital balance at the end of the year?
a) $67,000
b) $65,000
c) $70,000
d) $72,000
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