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:

North Carolina Legislature

The legislative body of the state of North Carolina, consisting of two chambers: the Senate and the House of Representatives.

Wealthy Southerners

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Military Service

The performance of duty by members of the armed forces or citizens conscripted or enlisted for a period of service to protect and serve their country.

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