Question
A company began the accounting period with $50,000 in owners capital, ended with $75,000 in owners capital, and the owner withdrew $30,000 during the period
A company began the accounting period with $50,000 in owners capital, ended with $75,000 in owners
capital, and the owner withdrew $30,000 during the period for personal use. What was the companys 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
e. none of the options listed
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
