Lego Designs reported a net income of $62,000 for the year. The beginning owner's equity was $55,000, and the ending owner's equity was $70,000. Determine cash withdrawals for the period. a. $47,000 b. $18,000 c. $22,000 d. $15,000

Lego Designs reported a net income of $62,000 for the year. The beginning owner's equity was $55,000, and the ending owner's equity was $70,000. Determine cash withdrawals for the period. a. $47,000 b. $18,000 c. $22,000 d. $15,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 7BCRQ

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