Answered: Mark John's capital statement reveals… | bartleby

SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter4: Gross Income

Section: Chapter Questions

Problem 2CE

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Question

What was mark jons beginning capital balance?

Mark John's capital statement reveals that his drawings
during the year were $40,000. He made an additional
capital investment of $30,000, and his share of the net
loss for the year was $12,000. His ending capital
balance was $180,000.
What was Mark John's beginning capital balance?
a. $222,000
b. $202,000
c. $162,000
d. $202,000

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