Final answer:
The balance in Sigma Company's owner's capital account at the end of the year is $135,000. This is calculated by adding the beginning owner's equity of $131,000 to the net income of $56,000 and subtracting the owner withdrawals of $52,000.
Step-by-step explanation:
To calculate the balance in the owner's capital account at the end of the year for Sigma Company, we need to consider the following financial information:
- Beginning total assets: $213,000
- Beginning total liabilities: $82,000
- Total revenues: $248,000
- Total expenses: $192,000
- Owner withdrawals: $52,000
The owner's equity at the beginning of the year is the difference between total assets and total liabilities, which is $213,000 - $82,000 = $131,000. During the year, the company's net income is calculated by subtracting total expenses from total revenues: $248,000 - $192,000 = $56,000. To find the owner's capital at the end of the year, we combine the beginning owner's equity with net income and then subtract owner withdrawals.
The updated owner's equity thus is:
Beginning owner's equity: $131,000
Net income for the year: $56,000
Subtract owner withdrawals: $52,000
Ending owner's equity: $135,000
Therefore, the balance in the owner's capital account at the end of the year would be $135,000, assuming no other changes to owner's capital.