On a statement of owner's equity, beginning capital is $152,000, Drawing for the year is $65,000, and the ending capital is $191,000. What is the amount of Net Income for the year?
A)$126,000
B)$ 87,000
C)$104,000
D)$ 26,000

Question

Quizplus · Accepted Answer

Net Income = Ending Capital - Beginning Capital - Drawings
Net Income = $191,000 - $152,000 - $65,000
Net Income = $104,000. Therefore, the correct answer is option C.

On a Statement of Owner's Equity, Beginning Capital Is $152,000