Question
The net income of a business is $30,000. The beginning and ending capital balances were $34,000 and $55,000, respectively. No capital contributions were made by
The net income of a business is $30,000. The beginning and ending capital balances were $34,000 and $55,000, respectively. No capital contributions were made by the owner during the year.
Calculate the amount of owner's withdrawals.
Select one:
a. $9,000
b. $8,000
c. $18,000
d. $5,000
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel
4th Canadian Edition
0470155353, 978-0470155356
