The Bald Pate reported a profit of $18,800 for the year 2016. The equity in January was $378,800 and at the end of December it was $330,000. During the year the proprietor took inventory costing $10,000 for personal use. He also withdrew a regular amount of cash to cover his living expenses. How much was the amount for the cash drawings. $10,000 $20,000 $38,800 $57600
The Bald Pate reported a profit of $18,800 for the year 2016. The equity in January was $378,800 and at the end of December it was $330,000. During the year the proprietor took inventory costing $10,000 for personal use. He also withdrew a regular amount of cash to cover his living expenses. How much was the amount for the cash drawings. $10,000 $20,000 $38,800 $57600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- The Bald Pate reported a profit of $18,800 for the year 2016. The equity in January
was $378,800 and at the end of December it was $330,000. During the year the
proprietor took inventory costing $10,000 for personal use. He also withdrew a regular
amount of cash to cover his living expenses.
How much was the amount for the cash drawings.
- $10,000
- $20,000
- $38,800
- $57600
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