accounting 205

posted by .

Net income for the year is $25,000. Withdrawals of $36,000 per were taken at the end of the year. Which of the following occurs? (Points : 1)
The Capital account decreases by $22,000.
The Capital account decreases by $11,000.
The Capital account increases by $11,000.
The Capital account increases by $22,000.

  • accounting 205 -

    11,000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    What is the amount for drawings and ending capital for the following?
  2. Finance

    1. Following is the projected net income stream associated with the use of Zartek technology. (Note: this net income stream does not take into account that Zartek’s owners invested $2,000 to develop Zartek in Year 0.) Globus Maximus …
  3. business

    1.Following is the projected net income stream associated with the use of Zartek technology. (Note: this net income stream does not take into account that Zartek’s owners invested $2,000 to develop Zartek in Year 0.) Globus Maximus …
  4. Accounting

    How do you calculate the 'Capital stock at the end of the year' with the following information?
  5. Advanced Accounting

    Mr. White (invested $20,000) and Mr. Black (invested $10,000) are in a partnership to run a marketing firm. They share profits and losses in the ratio of 2:1, which is also the ratio of their initial investment in the business. Mr. …
  6. Principles of Accounting I - 29

    The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital balance reported?
  7. Accounting

    The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk invested an additional $10,000. During the year, Hawk and …
  8. Accounting

    What is the closing entry to allocate a net income of $48,000 to Sara, Ellen, and Mary?
  9. Finance

    1. Following is the projected net income stream associated with the use of Zartek technology. (Note: this net income stream does not take into account that Zartek’s owners invested $2,000 to develop Zartek in Year 0.) Globus Maximus …
  10. math ( having difficulty)

    Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $18,000 and the year-end balance was $19,000. The additional paid-in capital account …

More Similar Questions