The Net Income of Edwards Inc

question 112

Multiple Choice

The net income of Edwards Inc. amounted to $74,000 for this year. The beginning balance of Owner's Capital account was $32,000 and the ending balance was $75,000. No additional contributions to capital were made during the year. What was the amount of his withdrawals during the year?

• A)$75,000
• B)$31,000
• C)$149,000
• D)$32,000

Identify the conditions under which contracts can be disaffirmed by minors.

Comprehend the effects of contracts involving illegal activities or purposes.

Distinguish between different types of contracts and their voidability by minors.

Analyze the impact of emancipation on a minor's contractual rights and obligations.

---

Definitions:

Bilateral Cleft Lip

A congenital split or opening in the upper lip on both sides, affecting the lip's appearance and function.

Correct Code

The appropriate selection from a standardized system of medical coding used for accurately documenting diagnoses, procedures, and services provided to a patient.

Diagnostic Procedure

A technique or test performed to identify the nature or cause of a medical condition.

Newborn

A baby from birth to about 2 months of age.