The following information is available balances of accounts of Yong Pal Company: Yong Pal, Capital, 1/1/2020, 48,000 Cr. Income Summary Account, 12/31/2020, 18,000 Dr. Yong Pal, Withdrawal, 12/31/2020, 10,000 Dr. What is the balance of Yong Pal, Capital as of 12/31/2020?

The following information is available balances of accounts of Yong Pal Company: Yong Pal, Capital, 1/1/2020, 48,000 Cr. Income Summary Account, 12/31/2020, 18,000 Dr. Yong Pal, Withdrawal, 12/31/2020, 10,000 Dr. What is the balance of Yong Pal, Capital as of 12/31/2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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Question

The following information is available balances of accounts of Yong Pal Company:
Yong Pal, Capital, 1/1/2020, 48,000 Cr.
Income Summary Account, 12/31/2020, 18,000 Dr.
Yong Pal, Withdrawal, 12/31/2020, 10,000 Dr.
What is the balance of Yong Pal, Capital as of 12/31/2020?

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