Multiple Choice
The balance of Morgan,Capital at the beginning of the year and the end of the year was $50,000 and $63,000,respectively.There were no new capital contributions during the year.Owner withdrawals were $25,000.What was the net income or loss for the year?
A) Net income of $88,000
B) Net loss of $88,000
C) Net loss of $38,000
D) Net income of $38,000
Correct Answer:
Verified
Correct Answer:
Verified
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