Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During...
Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During the accounting period, the business borrowed $30,000 from a bank, earned $18,000 of net income, and Scott withdrew $12,000 cash from the business. Based on this information, what is the balance in Scott’s capital account at the end of the accounting period?
Multiple Choice
A) $93,000
B) $81,000
C) $72,000
D) $111,000
Homework Answers
Answer: B) $81,000
Explanation
| Scott’s capital account at the end of the accounting period | |||
| $ | |||
| Beginning capital | - | ||
| Add: Contributions | 75,000.00 | ||
| Add: Net Income | 18,000.00 | ||
| Less: Withdrawals | (12,000.00) | ||
| Capital account at the end | 81,000.00 | ||
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