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The assets of Lees business increased by $40,000 and the liabilities increased by $5,000 during the current year. If the profit for this period was
The assets of Lees business increased by $40,000 and the liabilities increased by $5,000 during the current year. If the profit for this period was $25,000, what additional contribution or withdrawal was made by the owner? (Assume only a withdrawal or a contribution was made).
Select one: a. Contribution $5,000 b. Drawings $5,000 c. Drawings $10,000 d. Contribution $10,000
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