The following information is available balances of accounts of Yong Pal Company:Yong Pal, Capital, 1/1/2020, 48,000 Cr.Income Summary Account, 12/31/2020, 18,000 Dr.Yong Pal, Withdrawal, 12/31/2020, 10,000 Dr.What is the balance of Yong Pal, Capital as of 12/31/2020?

Debit balance in the Income Summary account is the net loss.

Answered: The following information is available…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following information is available balances of accounts of Yong Pal Company: Yong Pal, Capital, 1/1/2020, 48,000 Cr. Income Summary Account, 12/31/2020, 18,000 Dr. Yong Pal, Withdrawal, 12/31/2020, 10,000 Dr. What is the balance of Yong Pal, Capital as of 12/31/2020?