11. If beginning capital was $25,000, ending capital is$37,000, and the owner's withdrawals were $23,000, theamount of net income or net loss for the period was:a. net loss of $35,000b. net income of $35,000c. net income of $14,000d. net loss of $14,00012. A company began the accounting period with $50,000 inowner's capital, ended with $75,000 in owner's capital,and the owner withdrew $30,000 during the period forpersonal use. What was the company's net income orloss for the period?a. $55,000 net income.b. $30,000 net loss.c. $5,000 net loss.d. $5,000 net income.

"Since you have asked multiple questions, we will solve only first question for you. If you want any…

11. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was: a. net loss of $35,000 b. net income of $35,000 c. net income of $14,000 d. net loss of $14,000

11. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was: a. net loss of $35,000 b. net income of $35,000 c. net income of $14,000 d. net loss of $14,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.12E: Net income and dividends The income statement of a corporation for the month of February indicates a...

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Question

11. If beginning capital was $25,000, ending capital is
$37,000, and the owner's withdrawals were $23,000, the
amount of net income or net loss for the period was:
a. net loss of $35,000
b. net income of $35,000
c. net income of $14,000
d. net loss of $14,000
12. A company began the accounting period with $50,000 in
owner's capital, ended with $75,000 in owner's capital,
and the owner withdrew $30,000 during the period for
personal use. What was the company's net income or
loss for the period?
a. $55,000 net income.
b. $30,000 net loss.
c. $5,000 net loss.
d. $5,000 net income.

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