A Aaisha Al Shuai Financial Accounting. Test -1 Spring 2021.. Word T 1-A A Aa A A -A-D-A ) : 1 x x LVVVV d. $90,000 10. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was: a. net loss of $35,000. b. net income of $35,000. c. net income of $14,000 d. net loss of $14,000. 11. A company began the accounting period with $50,000 in owner's capital, ended with $75,000 in owner's capital, and the owner withdrew $30,000 during the period for personal use. What was the company's net income or loss for the period? a $55,000 net income. b. $30,000 net loss c. $5,000 net loss d. $5,000 net income 12. As of December 31, 2010, Sohar Company has assets of S3,500 and owner's equity of $2,000. What are the liabilities for Sohar Company as of December 31, 2010? a. $1,500. b. $1,000 c. $2,500 d. $2,000 13. Which of the following events is not recorded in the accounting records? a. Equipment is purchased on account b. An employee is terminated. C. A cash investment is made into the business