Need help with this accounting question The owner's equity in a business amounted to $52,000at the beginning of the year and $100,000 at the end ofthe year. The owner had made no additionalinvestments and had withdrawn $19,000 during theyear. The net income for the year amounted toA) $171,000.B) $48,000.C) $81,000.D) $67,000.

Step 1: Define Owner's CapitalOwner's capital refers to the amount invested by the owner in the…

Answered: The owner's equity in a business…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 34P

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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 The owner had made no additional investments and had withdrawn $19,000 during the year.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.