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A cash-strapped young professional offers to buy your car with four, equal annual payments of $3,000, beginning 2 years from today. Assuming you're indifferent to cash versus credit, that you can invest at 10%, and that you want to receive $9,000 for the car, should you accept?
Owner's Drawings
Withdrawals of a company's earnings by the owner for personal use, affecting the owner’s equity account in a separately held business.
Accumulated Depreciation
This accounts for the total depreciation expenses charged against a fixed asset since it was put into use, reflecting the decrease in value of the asset.
Income Summary
An account used in the closing process that summarizes revenues and expenses for a period, determining the net income or loss.
Owner's Drawings
Withdrawals made by the owner of a business from the company's funds for personal use.
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