The income statement for the year 2010 of Poole Co. contains the following information: At January 1, 2010, Poole reported owner's equity of $50,000. Owner drawings for the year totalled $10,000. At December 31, 2010, the company will report owner's equity of
A) $13,500.
B) $36,500.
C) $40,000.
D) $43,500.

Question

The income statement for the year 2010 of Poole Co. contains the following information:  At January 1, 2010, Poole reported owner's equity of $50,000. Owner drawings for the year totalled $10,000. At December 31, 2010, the company will report owner's equity of
A) $13,500. 
B) $36,500. 
C) $40,000. 
D) $43,500.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2010 of Poole Co. contains the following information:  At January 1, 2010, Poole reported owner's equity of $50,000. Owner drawings for the year totalled $10,000. At December 31, 2010, the company will report owner's equity of
A) $13,500. 
B) $36,500. 
C) $40,000. 
D) $43,500.

The Income Statement for the Year 2010 of Poole Co