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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:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:
Transcribed Image Text: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:
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