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:

Peri-

A prefix meaning around, nearby, or encircling, often used in medical terms to describe location or proximity.

Down

a direction towards a lower position or a lower point on a scale.

Quadri-

A prefix meaning "four," used in medical terms to signify four parts or quadruple.

Extra-

A prefix meaning outside, beyond, or in addition to.