Question
The net income of Hendley Company for the year is $40,000 . Withdrawals during the year were $51,000 . No new capital contributions were made
The net income of Hendley Company for the year is $40,000. Withdrawals during the year were $51,000. No new capital contributions were made during the year. What below statement is true?
Hendley, Capital account decreases by $ 11,000
Hendley, Capital account decreases by $ 40,000
Hendley, Capital account increases by $ 51,000
Hendley, Capital will remain the same.
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Corporate Financial Accounting
Authors: Carl S Warren, Jeff Jones
16th Edition
0357510380, 978-0357510384
