If Beginning Capital Was $120,000,ending Capital Is $90,000,and the Owner's

question 112

Multiple Choice

If beginning capital was $120,000,ending capital is $90,000,and the owner's withdrawals were $15,000,the amount of net income or net loss was:

• A)net income of $5,000.
• B)net income of $15,000.
• C)net loss of $15,000.
• D)net loss of $5,000.

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Definitions:

Equilibrium Price

The rate at which the supply of products aligns perfectly with the demand for these goods.

Quantity Demanded

The amount of a good or service consumers are willing and able to purchase at a given price level, during a specified period.

Quantity Supplied

The volume of goods or services that manufacturers are ready and able to supply at a specific price point within a set duration.

Excess Supply

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to a decrease in prices.