A Business Has Beginning Capital of $100 000

Multiple Choice

A business has Beginning capital of $100 000. During the year, sales revenues were $20 000, Sales returns and allowances were $300, Sales discounts were $700, Cost of sales were $12 000, and all other expenses totaled $4 500. $1 000 of drawings were taken. The ending balance in Capital, after closing entries, would be:

A) $101 500.
B) $98 500.
C) $119 000.
D) $1 500.