Ask Experts Questions for FREE Help !
Ask
    mercedes98's Avatar
    mercedes98 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Dec 13, 2010, 06:49 PM
    Accounting
    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's Avatar
    Just Looking Posts: 1,610, Reputation: 480
    Ultra Member
    		  
    #2

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Questions on financial accounting,cost and management accounting [ 3 Answers ]

I want different sets of questions on financial accounting,cost and management accounting for free. I am a teacher in this area

AP Journal Entires - accrual accounting and cash accounting [ 6 Answers ]

What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?

List five differences between management accounting and cost accounting [ 1 Answers ]

Describe five differences between management accounting and cost accounting

View more questions Search