Tara westmont, the proprietor of tiptoe shoes, had annual revenues of $205,000, expenses of $113,700, and withdrew $26,000 from the business during the current year. the owner's capital account before closing had a balance of $317,000. the ending owner's capital balance after closing is:

$382,300

Explanation:

Given:

Annual revenue = $205,000

Annual expenses = $113,700

Withdrew amount = $26,000

Owner capital = $317,000

Computation of net profit :

Net profit = Annual revenue - Annual expenses

Net profit = $205,000 - $113,700

Net profit = $91,300

Computation of owner's capital balance after closing:

Owner's capital balance after closing = Owner capital + Net profit - Withdrew amount

Owner's capital balance after closing = $317,000 + $91,300 - $26,000

Owner's capital balance after closing = $382,300

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