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25 December, 15:56

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?

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  1. 25 December, 16:19
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    Ending balance = Beginning balance + Net income - Withdrawals

    We will use this formula and put in the values given in the question

    71,000 = 32,000+73,000-Withdrawals

    Withdrawals = 32,000+73,000-71,000 = 34,000

    The amount of withdrawals during the year were $34,000
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