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Blair Scott started a sole proprietorship by depositing $29,000 cash in a business checking account. During the accounting period the business borrowed $12,000 from a bank, earned $3,600 of net income, and Scott withdrew $4,800 cash from the business. Based on this information, at the end of the accounting period Scott’s capital account contained a balance of:

Respuesta :

Answer: $27,800

Explanation:

Sole proprietorship is a form of business that is being managed, financed.and controlled by a single person and the person bears the risk alone.

Based on the information given, Scott's capital account balance will be:

= Cash deposit + Net income - Drawings

= $29,000 + $3,600 - $4,800

= $27,800

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