The balance in the owner's capital account of Dayton Company at the beginning of the year was $65,000. During the year, the company earned revenue at $430,000 and incurred expenses of $360,000, the owner withdrew $50,000 in assets, and the balance of the Cash account increased by $10,000. At year-end, the company's net income and the year-end balance in the owner's capital account were, respectively:

The balance in the owner's capital account of Dayton Company at the beginning of the year was $65,000. During the year, the company earned revenue at $430,000 and incurred expenses of $360,000, the owner withdrew $50,000 in assets, and the balance of the Cash account increased by $10,000. At year-end, the company's net income and the year-end balance in the owner's capital account were, respectively:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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