What was the net income for the year of this general accounting question? The owner's equity in Skyline Interiors amounted to $60,000 atthe beginning of the year and $95,000 at the end of the year. Theowner withdrew $12,000 and made no additional investmentsduring the year.What was the net income for the year?

Step 1: Define Net IncomeNet Income is the final profit a company earns after deducting all…

Answered: The owner's equity in Skyline Interiors…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter19: Family Tax Planning

Section: Chapter Questions

Problem 19CE

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The owner's equity in Skyline Interiors amounted to $60,000 at the beginning of the year and $95,000 at the end of the year. The owner withdrew $12,000 and made no additional investments during the year. What was the net income for the year?