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3 years ago

Prior to closing, total revenues were $12,840,000 and total expenses were $9,975,000.

Business

1 answer:

AnnZ [28]3 years ago

8 0

Answer:

Owner's capital account is increased by $2,235,000.

Explanation:

At the end of the period the closing entries are made to close the temporary accounts of Revenue and expenses and transfer the balance to retained earning or owners capital account.

Net income for the year = Total revenue - Total Expenses

Net income for the year = $12,840,000 - 9,975,000

Net income for the year = $2,865,000

Changes in owner's capital account during the period = net income / loss - drawings during the period

Changes in owner's capital account during the period = $2,865,000 - $630,000

Changes in owner's capital account during the period = $2,235,000

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