The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted toA. $171,000.

B. $48,000.

C. $81,000.

D. $67,000.

Question

Business

Cujo

31 July, 09:55

The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted toA. $171,000.

B. $48,000.

C. $81,000.

D. $67,000.

+4

Answers (1)

Know the Answer?

Cottonball · Answer 1

The correct option is option D, $67,000.

Explanation:

Ending Owner's equity = Beginning Owner's equity+Net income-Drawings

100,000 = 52,000+Net income-19,000

Net income = 100,000-52,000+19,000

Net income = 67,000

Therefore the net income for the year amounted to $67,000.

The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted toA. $171,000.B. $48,000.C. $81,000.D. $67,000.

The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted toA. $171,000.

B. $48,000.

C. $81,000.

D. $67,000.