Insurance agency started the year with a beginning capital balance of $ 25 comma 000. during the year, rogers insurance agency earned $ 41 comma 000 of service revenue and incurred $ 26 comma 000 of various expenses. rogers withdrew $ 11 comma 000 from the business. after the closing entries are recorded and posted, what will be the balance of rogers, capital?

The ending balance of Rogers, Capital is $29,000

Explanation:

In this question, we use the formula of opening capital which is shown below:

Opening capital = Closing capital + drawings - profit earned + loss incurred - additional capital

where,

The profit earned = Revenue - expenses

                             = $41,000 - $26,000

                             = $15,000

And, the other items would remain the same

$25,000 = Closing capital + $11,000 - $15,000 + $0 - $0

$25,000 = Closing capital - $4,000

So, the closing capital = $25,000 + $4,000

                                     = $29,000

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