The Net Income of Avid Camera Services Is $25,000

question 13

Multiple Choice

The net income of Avid Camera Services is $25,000.The beginning and ending owner's equity balances were $34,000 and $53,000,respectively.The owner made no additional contributions.Calculate the amount of owner's withdrawals.

• A)$16,000
• B)$6,000
• C)$9,000
• D)$8,000

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Definitions:

Boston Tea Party

A political protest by the Sons of Liberty in Boston, on December 16, 1773, against the tax policy of the British government by throwing chests of tea from ships into Boston Harbor.

Reprisals

Acts of retaliation, often within the context of international relations, military actions, or diplomatic disputes.

East India Company

A historic English company formed for the exploitation of trade with East and Southeast Asia and India, incorporated by royal charter in 1600.

Commerce

The activity of buying and selling, especially on a large scale.