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

question 25

True/False

The beginning balance in the Sanchez,Capital account of a company was $10,000.The revenues and expenses were $240,000 and $120,000,respectively.During the year,Sanchez made withdrawals of $7,000.There were no new capital contributions during the year.The ending balance in Sanchez,Capital was $123,000.

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