Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 6. a merchandiser uses a perpetual inventory syste

6. A merchandiser uses a perpetual inventory system. The beginning Owner. Capite balance of the...

80.2K

Verified Solution

Question

Accounting

image
6. A merchandiser uses a perpetual inventory system. The beginning Owner. Capite balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $75,000. Cost of Goods Sold was $45,000, and all other expenses totaled $12,000. Owner withdrawals were $26.000. There were no new capital contributions during the year. The ending balance of Owner, Capital would be O A. $120,000 OB. $112.000 O c. $164,000 OD. $138,000 7. An adjusted trial balance for a sole proprietorship is given below. There were no new capital contributions during the year. 900 2.500 Debit Credit Cash $15,000 Accounts Receivable 5,000 Prepaid Rent Merchandise Inventory 26,000 Accounts Payable $4,100 Salaries Payable 500 Notes Payable 800 Lorenzo, Capital 9,000 Lorenzo, Withdrawals Sales Revenue 98.700 Cost of Goods Sold 21,000 Salaries Expense 20,000 Rent Expense 14,000 Selling Expenses 8,000volcan o Supplies Expense 700 Total $113,100 $113,100 What will be the final balance in the company's Lorenzo, Capital account after recording the closing entries? O A. $44,000 OB. $34,500 OC. $41,500 OD. $6,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Based on current dividend yields and expected capital gains, the expected rates of return on portfolios...

Statistics
1.2K views

A psychology researcher who does work in creativity wants to determine whether her sample of 50-year-old...

Physics
1.2K views

question about defibrillator. . Why you apply the shock . What is done when defibrillator . How defibrillator...

Biology
1.2K views

Endotoxins are...a. the most lethal substances knownb. encoded by bacterial plasmids or phagesc. proteins usually...

Biology
1.2K views

Which of the following statements below describes the role of water in photosynthesis 1 Water...

Physics
1.2K views

One mole of an ideal monoatomic gas goes through a cyclic process shown in the...

Geometry
1.2K views

A Given ED bisects ZAEF AAEF is isosceles Prove AD FD D E F Statement...

Basic Math
1.2K views

A food store makes a 10 lb mixture of peanuts, cashews and raisins. Peanuts cost...

Statistics
1.2K views

Which of the below data sets has the lowest standard deviation You do not need...

Algebra
1.2K views

Unit 6 Lesson 10 A rotation takes P to Q What could be the measure...

Accounting
1.2K views

In 2023, Campbell, a single taxpayer, has $400,000 of profits (net of the deduction for...

Finance
1.2K views

please help! You need to estimate the value of Laputa Aviation. You...