The owner's Capital, Withdrawals, and Income Summary accounts for Rick's Repair Shop for the accounting period are presented below in T account form after the recording and posting of closing entries.
From the T accounts, determine the following:
a. Total revenue for the period
b. Net income (or net loss)
c. Total withdrawals for the period
d. Ending balance of Rick Barton, Capital

Question

The owner's Capital, Withdrawals, and Income Summary accounts for Rick's Repair Shop for the accounting period are presented below in T account form after the recording and posting of closing entries.
  From the T accounts, determine the following: 
a. Total revenue for the period
b. Net income (or net loss)
c. Total withdrawals for the period
d. Ending balance of Rick Barton, Capital

Quizplus · Accepted Answer

The Answer of The owner's Capital, Withdrawals, and Income Summary accounts for Rick's Repair Shop for the accounting period are presented below in T account form after the recording and posting of closing entries.
  From the T accounts, determine the following: 
a. Total revenue for the period
b. Net income (or net loss)
c. Total withdrawals for the period
d. Ending balance of Rick Barton, Capital

The Owner's Capital, Withdrawals, and Income Summary Accounts for Rick's