At January 1, 2020, Croc Industries reported owner's capital of $140,000. During 2020, Croc had a net loss of $30,000 and owner drawings of $15,000. At December 31, 2020, the amount of owner's capital is

Question

Quizplus · Accepted Answer

Owner's capital at December 31, 2020 = Owner's capital at January 1, 2020 - Net loss for 2020 - Owner drawings for 2020= $140,000 - $30,000 - $15,000= $95,000

At January 1, 2020, Croc Industries Reported Owner's Capital of $140,000