Beginning Owner's Capital Was $25,000

question 129

Multiple Choice

Beginning owner's capital was $25,000.Ending owner's capital is $37,000.No contributions were made during the year.Drawings were $23,000.What was net income or loss for the year?

• A) Net income of $16,000
• B) Net loss of $35,000
• C) Net loss of $14,000
• D) Net income of $35,000

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Definitions:

Discrimination Coefficient

A measure used in statistics and econometrics to assess the degree of separation or differentiation between distinct groups or sets of data.

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An ethnic category in the United States comprising people with either complete or partial lineage from black racial groups in Africa.

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Having preconceived opinions or judgments without just grounds or before sufficient knowledge.

Lorenz Curve

A graphical representation of the distribution of income or wealth within a society, showing the proportion of the total income earned by various segments of the population.