A Business Has Beginning Capital of $100,000

question 57

Multiple Choice

A business has Beginning capital of $100,000.During the year,sales revenues were $20,000,Sales returns and allowances were $300,Sales discounts were $700,Cost of goods sold were $12,000,and all other expenses totaled $4,500.$1,000 of withdrawals were taken.The ending balance in Capital,after closing entries,would be:

• A) $119,000.
• B) $98,500.
• C) $101,500.
• D) $1,500.

---

Definitions:

Condensed Form

A representation of something that has been made shorter or more compact by reducing or summarizing its content.

Main Ideas

The central or most important thoughts, concepts, or messages conveyed in a text or discussion.

Flat Tax Rate

A tax system with a constant rate applied to all taxpayers, regardless of their income bracket, as opposed to a progressive tax system.

Condensed Form

A shortened or simplified version of something, especially a text or speech.