Multiple Choice
At October 1, Smithson Enterprises reported owner's equity of $35,000. During October, the owner made additional investments of $2,000 and the company earned net income of $6,000. If owner's equity at October 31 totals $40,000, what amount of owner drawings were made during the month?
A) $0
B) $3,000
C) $4,000
D) $5,000
Correct Answer:

Verified
Correct Answer:
Verified
Q17: Owner's equity is decreased by all of
Q81: Selected transactions for Parton Company are listed
Q116: The monetary unit assumption states that transactions
Q185: Owners' claims to total business assets take
Q207: At September 1, the balance sheet accounts
Q211: If total liabilities increased by $14,000 during
Q213: Accountants do not have to worry about
Q215: Use the following information for questions 144-146.<br>Stahl
Q216: Compute the missing amount in each category
Q227: External transactions involve economic events between the