jbrandy1934 jbrandy1934

13-02-2020
Business

contestada

Prior to closing, total revenues were $12,840,000 and total expenses were $9,975,000. During the year, the owner made no additional investments and withdrew $630,000. After the closing entries, how much did the owner’s capital account change?

Respuesta :

andromache andromache

17-02-2020

Answer:

$2,235,000

Explanation:

The computation of the change in owner capital account is

= Total revenues - total expenses - withdrawn amount

= $12,840,000 - $9,975,000 - $630,000

= $2,235,000

The change in owner capital is come by considering the opening balance of owner capital and the ending balance of owner capital and the rest items would be deducted from it

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