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Alex_Xolod [135]
3 years ago
14

Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During the accounting perio

d, the business borrowed $30,000 from a bank, earned $18,000 of net income, and Scott withdrew $12,000 cash from the business. Based on this information, what is the balance in Scott’s capital account at the end of the accounting period?
Business
2 answers:
o-na [289]3 years ago
6 0

Answer:

$81,000

Explanation:

The money with which Blair Scott started a sole proprietorship by depositing $75,000 is the CAPITAL

While the money the business borrowed is DEBT

The income earned $18,000 will increase Scott's capital (owner's equity) while the amount he withdrew from the business is called DRAWINGS and will reduce his capital

Based on this information, the balance in Scott’s capital account at the end of the accounting period will be his contribution of $75,000 + Net income of $18,000 - Drawings of $12,000 = $81,000

Doss [256]3 years ago
3 0

Answer: $81000

Explanation:

The capital account, in international macroeconomics, is a component of the balance of payments which records all transactions made between entities/parties in one country with entities in the rest of the world. These transactions consist of imports and exports of various goods, services, capital, and as transfer payments such as foreign aid and remittances. The balance of payments is composed of a capital account and a current account. Although, a narrower definition breaks down the capital account into a financial account and a capital account.

The capital account in accounting shows the net worth of a business at a certain point in time. It is also known as owner's equity for a sole proprietorship or shareholders' equity for a corporation, and it is reported in the bottom section of the balance sheet.

The capital account balance would be equal to the sum of cash deposit and net income minus drawings made.

Capital account balance= Cash deposit + Net income - Drawings made.

Capital balance= 75000+18000-12000

=93000-12000

=$81000

Therefore,the capital account is $81000.

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ivolga24 [154]

Answer: False

Explanation:

In a production budget, when the number of units in finished goods inventory at the end of the period is less than the number of units in the finished goods inventory at the beginning of the period, this simply means that the expected number of units sold is higher than the number of units that was produced for that particular period.

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SIZIF [17.4K]

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b. Replies, goodwill messages, direct claims: The positive message should be used as the main idea can be communicated directly before any other supporting information are provided.

c. Bad news, refusals: This scenario involves a negative messages and should therefore be written in an indirect manner. It should also be noted that a supporting message us given before the main message us written.

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<em>Answer:</em>

<em>Upselling   </em><em>               </em>

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Learn more here:

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