Homework Answers
Answer
- The question shows a Trial Balance where Capital account balance is $ 34,700 Credit
- Below the additional information, it says that owner made additional investments of $ 15,000 during the year.
This means that $ 34,700 includes the
$ 15000 additional investments.
Hence, Beginning balance of Capital account = 34700 – 15000 = $
19,700
- Correct Statement of Changes in Equity:
|
Becky Capital April 1 |
$19,700 |
|
|
Add: Profits |
$14,270 |
|
|
Add: Investments by owner |
$15,000 |
$29,270 |
|
TOTAL |
$48,970 |
|
|
Less: Withdrawals |
$31,200 |
|
|
Becky, Capital Mar 31 |
$17,770 |
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