Multiple Choice
The net income of Hendley Company for the year is $25,000.Withdrawals during the year were $30,000.No new capital contributions were made during the year.Which of the following statements is TRUE?
A) Hendley, Capital account decreases by $25,000.
B) Hendley, Capital account decreases by $5,000.
C) Hendley, Capital account increases by $30,000.
D) Hendley, Capital will remain the same.
Correct Answer:
Verified
Correct Answer:
Verified
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