The Beginning Balance in the Owner,Capital Account of a Company

question 169

True/False

The beginning balance in the Owner,Capital account of a company was $12,000.The revenues and expenses were $240,000 and $140,000,respectively.During the year,the owner made withdrawals of $6,000.The ending balance in Owner,Capital was $112,000.(Assume the owner made no new contributions during the year. )

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Definitions:

Central Intelligence Agency

A non-military overseas intelligence agency of the U.S. federal government, responsible for collecting, processing, and analyzing information related to national security.

Fair Deal

Domestic reform proposals of the Truman administration; included civil rights legislation, national health insurance, and repeal of the Taft-Hartley Act, but only extensions of some New Deal programs were enacted.

Republican Control

Describes periods where the Republican Party has a dominant influence over political offices, whether at the federal or state level, particularly in the legislative and executive branches.