The following information is available for Crandall Company before closing the accounts.After all of the closing entries are made,what will be the balance in the Crandall,Capital account?

A)$115,000.
B)$225,000.
C)$264,000.
D)$186,000.
E)$956,000.

Question

The following information is available for Crandall Company before closing the accounts.After all of the closing entries are made,what will be the balance in the Crandall,Capital account?

A)$115,000. 
B)$225,000. 
C)$264,000. 
D)$186,000. 
E)$956,000.

Quizplus · Accepted Answer

Ending Capital Balance = Beginning Capital Balance + Revenues - Expenses - Withdrawals
Ending Capital Balance = $110,000 + $500,000 - $385,000 - $39,000 = $186,000

The Following Information Is Available for Crandall Company Before Closing