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mercedes98
Dec 13, 2010, 06:49 PM
Hi, Can someone please help me with this question?

Regina Harrison is a partner in Pressed for Time. An analysis of Regina Harrison's capital account indicates that during the most recent year, she withdrew $20,000 from the partnership. 
Her share of the partnership's net loss was $16,000 and she made an additional equity contribution of $10,000. Her capital account ended the year at $150,000. What was her capital balance at the beginning of the year?
a. $124,000
b. $144,000
c. $192,000
d. $176,000
e. $134,000

Just Looking
Dec 13, 2010, 06:56 PM
A statement of owner's equity would go as follows:

Beginning Balance
Add Contributions
Add Net Income (Loss)
Less Withdrawals
Equals Ending Balance

Using that, can you fill in the numbers and see if you can figure out the beginning balance. If you'd like, show your work and I'll check it for you. Thanks.