On January 1 2016 Utah Utility Company Reported Owner's Equity

question 56

Multiple Choice

On January 1 2016 Utah Utility Company reported owner's equity of $705000. During the year the owner withdrew cash of $30000. At December 31 2016 the balance in owner's equity was $795000. What amount of net income or net loss would the company report for 2016?

• A) Net loss of $60000
• B) Net income of $90000
• C) Net income of $120000
• D) Net income of $150000

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