The total assets and the total liabilities of Paragon Services are shown below. During the year, no additional capital contributions were made, and the business earned net income of $50,000. Assets Liabilities Beginning of year S395,000 S290,000 End of year 455,000 320,000 What was the amount of drawings taken during the year? Your answer: S85,000 $40,000 S45,000 S20,000

The total assets and the total liabilities of Paragon Services are shown below. During the year, no additional capital contributions were made, and the business earned net income of $50,000. Assets Liabilities Beginning of year S395,000 S290,000 End of year 455,000 320,000 What was the amount of drawings taken during the year? Your answer: S85,000 $40,000 S45,000 S20,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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