Question

Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $194,000, expenses of $108,200, and withdrew $21,600 from the business during the current year. The owner's capital account before closing had a balance of $306,000. The ending owner's capital balance after closing is

Answer 1

Answer:$370,200

Explanation:. $

Opening capital 306,000

Add Annual revenue-194,000

,,,,,,,,,,,,,,,,,

500,000

Less Expenses. 108,200

-------------

391,800

Less. Withdrawal. 21,600

--++-+--+

370,200