Use the following end-of-period spreadsheet to answer the questions that follow.

-Use the end-of-period spreadsheet for Finley Company. The ending balance in C. Finley, Capital is
A) $33,000
B) $80,000
C) $30,000
D) $83,000

Question

Use the following end-of-period spreadsheet to answer the questions that follow.
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-Use the end-of-period spreadsheet for Finley Company. The ending balance in C. Finley, Capital is
A) $33,000 
B) $80,000 
C) $30,000 
D) $83,000

Quizplus · Accepted Answer

The ending balance of C. Finley, Capital is the same as the total equity, which is calculated as follows: 
Total Equity = Common Stock + Retained Earnings + Net Income - Dividends 
Total Equity = $20,000 + $33,000 + $10,000 - $3,000 
Total Equity = $60,000 
Therefore, the ending balance in C. Finley, Capital is $80,000 ($60,000 + $20,000).

Use the Following End-Of-Period Spreadsheet to Answer the Questions That