Multiple Choice
During May, the Friendly Resort had income of $10 000 and expenses of $4000. The owner withdrew $800 cash from the business during the month. If Owners' Equity on 31 May was $18 000, Owners' Equity on 1 May must have been:
A) $23 200
B) $12 000
C) $12 800
D) $24 000
Correct Answer:
Verified
Correct Answer:
Verified
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