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

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Definitions:

Trailer Bolster Plate

A reinforced plate on a trailer designed to distribute load weight or attach components such as legs or wheels.

Secondary Lock

Any of a number of different types of backup locking device; an example is the secondary locking device used on most fifth wheels, which is either manually or automatically engaged.

Stitch Welded

A welding process where welds are made at intervals along the pieces being joined, rather than in a continuous seam, to hold the pieces together while limiting heat distortion.