Multiple Choice
A merchandiser uses a perpetual inventory system. The beginning Capital balance of a merchandiser was $100,000. During the year, sales revenue amounted to $75,000, sales returns and allowances were $1,000, sales discounts were $3,000, cost of goods sold was $40,000, and all other expenses totaled $10,000. The total withdrawals amounted to $25,000. The closing balance of Capital would be:
A) $99,000
B) $96,000
C) $90,000
D) $100,000
Correct Answer:
Verified
Correct Answer:
Verified
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