In the current year, Taylor Company incurred a net loss of $70,000. The owner of the...
In the current year, Taylor Company incurred a net loss of $70,000. The owner of the company regularly invested $7,000 per month in the business. The owner's capital account will show a net:
Select one:
a. increase of $7,000.
b. increase of $14,000.
c. decrease of $63,000.
d. increase of $77,000.
e. decrease of $7,000.
Homework Answers
| The correct answer is option B i.e. increase of $14,000 | |
| The same is illustrated below | |
| Net Loss for the year | $ -70,000 |
| Investment made by the owner (7,000 per month* 12 months) | $ 84,000 |
| Net increase in Capital | $ 14,000 |
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