Groups - 2018 Fall Term (1), Martin Mathod Assignment: 1. The Basic Principles (

Question

Groups - 2018 Fall Term (1), Martin Mathod Assignment: 1. The Basic Principles (Unit 1) MULTIPLE CHOICE FILL IN PROBLEMS Question 26: Here is some information about a company.- Use this information to answer the question that follows: 90,000 $40,000 At the beginning of the year 2000 Tony's Body Shop had assets of $65,000 and liabilities of 20,000. During the year the business had revenues of $310,000 and expenses of 310,000 $220,000 and Tony withdrew $50,000 The net income for the year was: 140,000 TIMER: 47:10 GRADE: 70%

Explanation / Answer

90000

Drawing s wont impact the net income statement ,

Becasue drawings by a sole proprietor will affect the company balance sheet by the way of reduction in owners equity..

Business revenue - 310000 Expenses - 220000 Drawings - 50000 Net income = Revenue - expenditure

90000

Drawing s wont impact the net income statement ,

Becasue drawings by a sole proprietor will affect the company balance sheet by the way of reduction in owners equity..

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