Homework Help is Here – Start Your Trial Now!
Business
Accounting
The beginning capital balance shown on a statement of owner's equity is $90,000. Net income for the period = $42,000 The owner withdrew $20,000 cash from the business No additional investments were made What is the owner's capital balance at the end of the period?

The beginning capital balance shown on a statement of owner's equity is $90,000. Net income for the period = $42,000 The owner withdrew $20,000 cash from the business No additional investments were made What is the owner's capital balance at the end of the period?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 8QY: What is the amount of ending capital shown on the balance sheet for Floress Catering? a. 22,000 b....
See similar textbooks
icon
Related questions
Question
100%

Provide solution this financial accounting question

The beginning capital balance shown on a statement of owner's equity is $90,000. Net income for the period = $42,000 The owner withdrew $20,000 cash from the business No additional investments were made What is the owner's capital balance at the end of the period?
Transcribed Image Text:The beginning capital balance shown on a statement of owner's equity is $90,000. Net income for the period = $42,000 The owner withdrew $20,000 cash from the business No additional investments were made What is the owner's capital balance at the end of the period?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer