The Net Income of a Business Is $29,000

question 46

Multiple Choice

The net income of a business is $29,000. The beginning and ending capital balances were $34,000 and $55,000, respectively. No capital contributions were made by the owner during the year. Calculate the amount of owner's withdrawals.

• A)$18,000
• B)$8,000
• C)$5,000
• D)$60,000

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Definitions:

Evaluation

The process of assessing or examining something to determine its value, significance, or condition.

Geographical Groupings

The classification of market segments or data based on geographic boundaries or locations, such as countries, states, or cities.

Sales Territories

Divisions within a business's market or geographical area where specific sales responsibilities and targets are assigned to sales representatives or teams.

Location

The particular place or position where something occurs or is situated.