The beginning capital balance shown on a statement of owner's equity is $36,000. Net income for the period is $16,000. The owner withdrew $20,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
A) $40,000.
B) $72,000.
C) $32,000.
D) $36,000.
Correct Answer:
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Q1: Which of the following is not a
Q2: An income statement that has one total
Q4: If the Income Summary account has a
Q5: The beginning capital balance shown on a
Q6: The statement of owner's equity is prepared
Q7: The adjusting entry to record depreciation should
Q8: The balance of the owner's drawing account
Q9: At the end of the period, the
Q10: When a firm experiences a net loss,
Q11: Gross profit on sales is calculated as
A)net
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