Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1 of the current year, jimmy's sandwich

On January 1 of the current year, Jimmy's Sandwich Company reported owner's capital totaling $123,500....

70.2K

Verified Solution

Question

Accounting

On January 1 of the current year, Jimmy's Sandwich Company reported owner's capital totaling $123,500. During the current year, total revenues were $97,000 while total expenses were $86,500. Also, during the current year Jimmy withdrew $21,000 from the company. No other changes in equity occurred during the year. The change in owner's capital during the year was:

Multiple Choice

A decrease of $10,500.

An increase of $10,500.

An increase of $31,500.

A decrease of $31,500.

An increase of $73,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3 Solve the system of equations shown below listing your answer as an ordered pair...

Algebra
Q

In quality control, statistical process control (SPC ) is often employed to analyze the process capability...

Operations Management
Q

Explain why the relationship between Anthopluera elegantissima and Symbiodinium sp. or Elliptochloris marina is characterized as a...

Biology
Q

Develop an algorithm and implement Multilevel Queuing scheduling using C++.and using bubble sorting. Consider a set of...

Programming
Q

7.1.2. A pulsating sphere of radius a vibrates with a surface velocity amplitude U0 and at...

Physics
Q

Plot the shear strain and the shear strain rate as functions of the shear angle, for...

Mechanical Engineering
Q

Follow the instructions carefully. [20 marks] Question Sampling is the process of selecting a representative subset...

Basic Math
Q

Write the first five terms of the sequence.f(0) = 8: f(n) = f(n-1) + 3f(0)f(1)...

Basic Math
Q

Listed below are the amounts of net worth in millions of dollars of the ten...

Statistics
Q

Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards...

Accounting
Q

Project Yr Calendar Yr Year - 1 2019 Year o 2020 Year 1 2021 Year...

Finance
Q

A patio set is listed for $797.11 less 49%, 11%, 8%. What is the...

Finance