Profit is $29 000. Beginning capital balance was $34 000. Ending capital balance was $55 000. No capital contributions were made by the owner during the year. What amount of drawings was made?

Name: Profit is $29 000. Beginning capital balance was $34 000. Ending capital balance was $55 000. No capital contributions were made by the owner during the year. What amount of drawings was made?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Drawings = Beginning capital balance + Profit - Ending capital balance= $34,000 + $29,000 - $55,000= $8,000

Profit Is $29 000