If Equity at the Beginning of the Period Is $177,000

question 62

Multiple Choice

If equity at the beginning of the period is $177,000, profit for the period is $87,000 and $25,000 is withdrawn by the owner during the period, equity at the end of the period is:

• A) $115,000
• B) $289,000
• C) $239,000
• D) Cannot be calculated from the information provided.

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Definitions:

Sellers Receive

Refers to the revenue or payment that sellers get in exchange for providing goods or services in a market.

Tax

Mandatory financial contributions imposed by a government on individuals, corporations, or goods to fund public expenditures.

Tax Burden

The measure of the total amount of taxes imposed by government on individuals, corporations, goods, and services, affecting the income and purchasing power of taxpayers.