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The following selected information is taken from the work sheet for Warton Company at its December 31 year-end.
Balance Sheet and
Income Statement . Statement of Owner's Equity
Dr Cr. Dr. Cr.
74,500
B. Warton, Capital 41,400
B. Warton, withdrawals
Totals 137,000 204,000
Determine the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet. Note: B. Warton, Capital was $74,500 on December 31 of the prior year. $ 74,500
B. Warton, Capital, (beginning)
Add: Net income
Less: Withdrawals
B. Warton, Capital, (ending)

Sagot :

abiolataiwo2015

Answer:

$100,100

Explanation:

Calculation to Determine the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet

Statement of Owner's equity

B Warton Capital (Beginning) $74,500

Add: Net Income

($204,000 - $137,000) $67,000

Less: Withdrawals/Drawings ($41,400)

B Walter, Capital (ending) $100,100

Therefore the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet is $100,100

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