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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