Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information: Beginning of Sam’s Capital account: $55,000 Net Income: $32,000 Outstanding Note Payable: $150,000 Total Expenses: $125,000 Ending of Sam’s Capital account: $54,000 Amounts withdrawn by Sam during 2019 will be: Select one: a. $33,000 b. $31,000 c. $23,000 d. $25,000
Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information: Beginning of Sam’s Capital account: $55,000 Net Income: $32,000 Outstanding Note Payable: $150,000 Total Expenses: $125,000 Ending of Sam’s Capital account: $54,000 Amounts withdrawn by Sam during 2019 will be: Select one: a. $33,000 b. $31,000 c. $23,000 d. $25,000
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 55P
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Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information:
Beginning of Sam’s Capital account: $55,000
Net Income: $32,000
Outstanding Note Payable: $150,000
Total Expenses: $125,000
Ending of Sam’s Capital account: $54,000
Amounts withdrawn by Sam during 2019 will be:Select one:
a. $33,000
b. $31,000
c. $23,000
d. $25,000
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