Question
Sal's beginning investment in his business was $2,000. Sal earned $18,000 in revenue this month, and net income was $12,000. Liabilities at the end of
Sal's beginning investment in his business was $2,000. Sal earned $18,000 in revenue this month, and net income was $12,000. Liabilities at the end of the month were $1,800. As a result, Sal withdrew $500 for personal use. What is the total of Sal's liabilities and owner's equity at the end of the month?
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
