Randall's Service Company began operations on January 1,2019.The following Trial Balance was prepared on December 31,2019.Capital contributions during the year were $58,000. What is the December 31,2019 balance of Randall,Capital?
A)$58,000
B)$51,300
C)$74,500
D)$16,500

Question

Randall's Service Company began operations on January 1,2019.The following Trial Balance was prepared on December 31,2019.Capital contributions during the year were $58,000.   What is the December 31,2019 balance of Randall,Capital?
A)$58,000 
B)$51,300 
C)$74,500 
D)$16,500

Quizplus · Accepted Answer

C)Service Revenue $80,300 Less (Salaries Expense $35,000 + Rent Expense $15,000 + Office Expense $6,000 + Repair Expense $1,100)Equals Net Income $23,200
Beginning Randall,Capital $0 + Contributions$58,000 + Net Income $23,200 - Randall,Withdrawals $6,700 = Ending Randall,Capital $74,500

Randall's Service Company Began Operations on January 1,2019