Groups- 2018 Fall Term (1). Martin Method Assignment: 1. The Basic Principles (U

Q: Groups- 2018 Fall Term (1). Martin Method Assignment: 1. The Basic Principles (U

Answer is C-$85,000 Solution: Particulars $ Opening Balance (Assets-Liabilities) 40,000 Add: Net Income (Revenues-Expenses) 90,000 Less: Drawings (50,000) Closing Balance of Owner’s Equity 85,000 Particulars $ Opening Balance (Assets-Liabilities) 40,000 Add: Net Income (Revenues-Expenses) 90,000 Less: Drawings (50,000) Closing Balance of Owner’s Equity 85,000

ID: 2333015 • Letter: G

Question

Groups- 2018 Fall Term (1). Martin Method Assignment: 1. The Basic Principles (Unit 1) TRUE FALSE 14 isli. 17118|19.20212223 (none) Question 27: Here is some information about a company Use this information to answer the question that follows: 135,000 At the beginning of the year 2000 Tony's Body Shop had assets of $65,000 and liabilities of $20,000. During the year the business had revenues of $310,000 and expenses of $220,000 and Tony withdrew $50,000 100,000 85,000 Tony's capital balance at the end of the year Can't be determined 'er " 70% TIMER: 47:32 GRADE:

Explanation / Answer

Answer is

C-$85,000

Solution:

Particulars

Opening Balance (Assets-Liabilities)

40,000

Add: Net Income (Revenues-Expenses)

90,000

Less: Drawings

(50,000)

Closing Balance of Owner’s Equity

85,000