The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to A) $171,000. B) $48,000. C) $81,000. D) $67,000.
The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to A) $171,000. B) $48,000. C) $81,000. D) $67,000.
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 34P
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
Transcribed Image Text:The owner's equity in a business amounted to $52,000
at the beginning of the year and $100,000 at the end of
the year. The owner had made no additional
investments and had withdrawn $19,000 during the
year. The net income for the year amounted to
A) $171,000.
B) $48,000.
C) $81,000.
D) $67,000.
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