the balance ofMorgan, Capital at the beginning of the year and the end of the year was
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Question:
the balance ofMorgan, Capital at the beginning of the year and the end of the year was $ 60,000
and $60,000, respectively. There were no new capital contributions during the year. Owner withdrawals were $ 20,000
$23,000. What was the net income or loss for theyear?
A.
Net income of $83,000
B.
Net income of $23,000
C.
Net loss of $83,000
D.
Net loss of $23,000
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