At the end of the accounting period,but before the closing entries have been recorded,Harry,the proprietor of Harry's Bar and Grill,has a debit of $24,500 in his drawing account and a credit of $126,800 in his capital account.If his capital account has a credit balance of $137,900 after the closing,what was his net income?
A) $11,100
B) $35,600
C) $113,400
D) $13,400
Correct Answer:
Verified
Q198: A company reported net income of $5.6
Q199: The Enterprise Co.has the following information available
Q200: Which one of the following statements about
Q202: At the end of the accounting period,but
Q202: A company originally issues 180,000 shares of
Q205: A company reported net income of $6
Q211: MacDowell Corp.has 100,000 shares outstanding with a
Q212: You form a partnership with your best
Q216: As of November 29,it appears that Notel
Q220: Earnings per share (EPS)can be affected by
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents