Orion Auto Services had the following balances: Assets Liabilities Beginning of Year $35,000 $20,000 End of Year $70,000 $25,000 Additional info: • Owner Contributions = $18,000 • Net Income $12,500 = How much did the owner withdraw during the year?

Orion Auto Services had the following balances: Assets Liabilities Beginning of Year $35,000 $20,000 End of Year $70,000 $25,000 Additional info: • Owner Contributions = $18,000 • Net Income $12,500 = How much did the owner withdraw during the year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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I am looking for help with this general accounting question using proper accounting standards.

Orion Auto Services had the following balances:
Assets Liabilities
Beginning of Year $35,000 $20,000
End of Year
$70,000 $25,000
Additional info:
•
Owner Contributions = $18,000
•
Net Income $12,500
=
How much did the owner withdraw during the year?

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