Math, asked by boinem64571, 11 months ago

A company began the accounting period with $50,000 in owner's capital, ended with $75,000 in owner's capital, and the owner withdrew $30,000 during the period for personal use. What was the company's net income or loss for the period?

Answers

Answered by amitnrw
7

Answer:

Net Income = $55,000

Step-by-step explanation:

A company began the accounting period with $50,000 in owner's capital,

ended with $75,000

Profit at End  = $75,000 -  $50,000  =  $25,000

But owner withdrew $30,000 during the period for personal use.

=> That will be also added in profit

Net Income = $25,000  + $30,000  = $55,000

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