At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $294,000 and...

At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $294,000 and Total Liabilities of $113,500. During the year, the company reported total revenues of $347,000 and expenses of $268,500. Also, owner withdrawals during the year totaled $70,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be: Multiple Choice $189,000. $256,000. $186,000. $296,500. $183,000.

Expert Solution

Answer: $189,000

Capital = Total assets - Liability

= $294,000 - $113,500

Capital = $180,500

Net Income = Revenue - Expense

= $347,000 - $268,500

Net Income = $78,500

Owners capital = Capital + Net Income - With drawls

= $180,500 + $78,500 - $70,000

Owners Capital = $189,000

ekkarill92 answered 3 years ago

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