The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for the period is $35,000. The owner withdrew $18,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for the period is $35,000. The owner withdrew $18,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 40P
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Transcribed Image Text:The beginning capital balance shown on a statement of
owner's equity is $80,000. Net income for the period is
$35,000. The owner withdrew $18,000 cash from the
business and made no additional investments during the
period.
The owner's capital balance at the end of the period is
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