confused about this

stace · #1 Apr 6, 2007, 06:46 AM

Jimmy's Car Repair Shop started the year with total assets of $90,000 and total liabilities of $60,000. During the year, the business recorded $150,000 in car repair revenues, $85,000 in expenses, and Jimmy withdrew $15,000.

Jimmy's Capital balance at the end of the year was????

Michellerenee · Apr 6, 2007, 10:57 AM

Quote:

Originally Posted by stace

Jimmy's Car Repair Shop started the year with total assets of $90,000 and total liabilities of $60,000. During the year, the business recorded $150,000 in car repair revenues, $85,000 in expenses, and Jimmy withdrew $15,000.

Jimmy's Capital balance at the end of the year was????

let me know if 80,000 is correct! thanks, M



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