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At October 1 Flambo Company Reported Owner's Equity of $70000

Question 232

Multiple Choice

At October 1 Flambo Company reported owner's equity of $70000. During October no additional investments were made and the company earned net income of $18000. If owner's equity at October 31 totals $80000 what amount of owner drawings were made during the month?


A) $0
B) $8000
C) $10000
D) $26000

Correct Answer:

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