The beginning capital balance is $1,600; there are no additional investments or withdrawals by the owner during the accounting period. The period's revenue is $630 and expenses total $600. What is the ending capital balance (after closing entries)?
A) $1,630
B) $2,200
C) $2,230
D) $30

Question

Quizplus · Accepted Answer

The ending capital balance is calculated by adding the net income (revenue minus expenses) to the beginning capital balance. Net income is $630 - $600 = $30. Therefore, the ending capital balance is $1,600 + $30 = $1,630.

The Beginning Capital Balance Is $1,600; There Are No Additional