Question

iven that jacob's chocolates had owner investments of $4,000; net income during the period of $10,000; and owner withdrawals of $300 calculate the ending balance in the owner's capital account.

Answer 1

Iven that Jacob's chocolates had an owner the ending balance in the owner's capital account is $13,700.

What is the owner's capital account?

The equity account that appears on a company's balance sheet is called an owner's capital account. It indicates the total ownership stakes that investors hold in a company. This account holds the owners' investment in the company as well as the net income it generates, which is then decreased by any draws made to the owners.

Given,

Investment =$4,000

Net Income =$10,000

Capital withdrawal =$300

Required to find ending capital account balance =?

Ending capital account balance = $4,000 + $10,000 - $300

Ending capital account balance = $13,700

The ending balance of the owner's capital account equals the beginning balance less any withdrawals, plus contributions, plus or minus any net gain or loss for the time. The balance at the conclusion of the accounting period is determined using this formula, which is updated annually.

Thus, the ending capital account balance is 13,700.

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