The income statement of a proprietorship for the month of December indicates a net income of $75,000.
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The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $25,000 during the month? Discuss.
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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