The ending balance of the capital account appears as a separate line item on what two statements?

Question

Quizplus · Accepted Answer

The balance of the capital account is reported on the Statement of Owner's Equity, which summarizes changes in the owner's equity during a specific period. The ending balance of the capital account is also reported on the Balance Sheet, which presents the financial position of a business at a specific snapshot in time. The income statement reports the revenues and expenses of a business during a specific period, and the trial balance is an internal document used by accountants to check the accuracy of accounts. Therefore, the correct answer is C.

The Ending Balance of the Capital Account Appears as a Separate