The net income earned by a business in the year ended 31 December 2004 was $10,600. Equity at January1 2004 was $183,400 and at 31 December 2004 equity was $169,700. The proprietor took merchandise costing $1,900 for personal use during the year. He also withdrew a regular amount of cash to cover his living expenses

What is the amount of cash drawings for the year?

Question 24Answer

a.

$21,500

b.

$10,900

c.

$15,800

d.

$22,400