Net income 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: Net income 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

B) Calculations: $34,000 + $39,000 - $55,000 = $8,000

Net Income Is $29,000