Asked by Ayanna Akbar on Jun 04, 2024
Verified
On which financial statement would you find the ending balance in the Capital account?
A) Income Statement
B) Balance Sheet
C) Statement of Owner's Equity
D) Both B and C are correct.
Capital Account
An account on a nation's balance of payments that records the investment funds coming in and going out of the country.
Statement of Owner's Equity
A financial document that reports the changes in the equity of a company over a specific period, including withdrawals, investments, and net income.
- Acquire knowledge on the procedural arrangement and preparation of financial statements.
Verified Answer
CM
Chardon MuckerJun 11, 2024
Final Answer :
D
Explanation :
The ending balance in the Capital account is found on both the Balance Sheet and the Statement of Owner's Equity. The Balance Sheet shows the company's financial position at a point in time, including owner's equity, while the Statement of Owner's Equity details changes in equity, including the ending capital balance.
Learning Objectives
- Acquire knowledge on the procedural arrangement and preparation of financial statements.