EX 4-15 Closing entries

Prior to closing, total revenues were $12,840,000 and total expenses were $9,975,000. During the year, the owner made no additional investments and withdrew $630,000. After the closing entries, how much did the owner’s capital account change?


Answers:
$2,235,000 ($12,840,000 – $9,975,000 – $630,000)