Beginning capital is $20, 000. Withdrawals were $7, 000. Ending capital is $37, 000. What was net income?
A) $24, 000
B) $13, 000
C) $10, 000
D) $27, 000

Name: Beginning capital is $20, 000. Withdrawals were $7, 000. Ending capital is $37, 000. What was net income? A) $24, 000 B) $13, 000 C) $10, 000 D) $27, 000
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Question

Quizplus · Accepted Answer

Net income = Ending capital - Beginning capital + Withdrawals= $37,000 - $20,000 + $7,000= $24,000

Beginning Capital Is $20, 000