Question

A company reported the following amounts and balances: Beginning capital balance $45,000, Net Sales $420,000, Cost of Goods Sold $273,000, Total Expenses $112,000, Net Income $35,000, Ending Cash Balance $22,000, Withdrawals $7,200, Ending Accounts Receivable $27,000. What is the Ending Capital Balance

Answer 1

Answer:Ending Capital Balance= $72,800

Step-by-step explanation:

Ending Capital Balance is is the amount left in an account whether , positive or negative, at the end of an accounting period and calculated as Beginning Capital Balance+Net Income-Withdrawals

Particulars Amount

Beginning Capital Balance $45,000

Add:

Net Income $35,000

deduct:

Withdrawals $7,200

Ending Capital Balance $72,800