Solve for X. Check Your Answers

question 76

Multiple Choice

Solve for x. Check your answers.
--16 = x - 14

• A)x = 2
• B)x = -30
• C)x = 224
• D)x = -2

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Definitions:

Income Summary

An account to which the revenues and expenses are transferred in order to close the books; it reflects the net income or loss at the end of a period.

Owner's Capital Account

An account on a company's balance sheet that represents the owner's investment and retained earnings in the business.

Credit Balance

This represents the amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger.

Owner's Drawings Account

A specific account used to track the withdrawals made by the owner from the business for personal use, rephrased from