Multiple Choice
A merchandiser uses a perpetual inventory system.The beginning Owner,Capital balance of the merchandiser was $130,000.During the year,Sales Revenue amounted to $80,000,Sales Returns and Allowances were $2,000,Sales Discounts were $4,000,Cost of Goods Sold was $40,000,and all other expenses totaled $12,000.The company paid $27,000 in withdrawals to the owner.The closing balance of Owner,Capital would be ________.
A) $129,000
B) $125,000
C) $118,000
D) $130,000
Correct Answer:
Verified
Correct Answer:
Verified
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