The beginning capital balance shown on a statement of owner's equity is $270,000. Net income for...

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Question

The beginning capital balance shown on a statement of owners equity is $270,000. Net income for the period is $67,000. The o

Answer 1

Answer #1

Ans. Option 1st $303,500

Calculations:

Beginning balance of owners equity. $270,000

Add: Net income. $67,000

Less: Owner withdrawals. -$33,500

Ending balance of owners equity. $303,500

* If there would be any additional investment, then we need to add it to the beginning balance of owners equity.

Answer 2

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