The Net Income of Thomas Company Was $73,000 for This

question 62

Multiple Choice

The net income of Thomas Company was $73,000 for this year.The beginning balance of Thomas,Capital was $32,000 and the ending balance was $71,000.There were no new capital contributions during the year.What was the amount of withdrawals during the year?

• A) $71,000
• B) $34,000
• C) $144,000
• D) $32,000

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Definitions:

Enforce the Contract

The legal process of ensuring that the terms of a contract are carried out as agreed by the parties involved.

Pay

The compensation received by an employee for services rendered to an employer, typically provided in the form of monetary remuneration.

Contract

A legal agreement between two or more parties that outlines responsibilities, duties, and benefits, enforceable by law.

Equitable Assignment

The transfer of rights or benefits under a contract to another party, recognized by equity.