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Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700, and withdrew $18,800 from the business during the current year.
Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700, and withdrew $18,800 from the business during the current year. The owners capital account before closing had a balance of $299,000. The Net Income for the year is:
Multiple Choice
A) $187,000
B) $63,500
C) $82,300
D) $362,500
E) $381,300
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