Business incurred a net loss, Accounting Basics

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Business incurred a net loss

The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.

Would it be correct to say that the business incurred a net loss of $25,000 during the month.

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Accounting Basics: Business incurred a net loss

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Accounting Basics: Business incurred a net loss

Reference No:- TGS079101

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Finks paid-in capital-excess of par

Q : Calculate the dividends per share on each class

Q : Nonconsolidated multi-seller securitization

Q : What the amount charged to income (expense and loss) in 2014

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Business incurred a net loss

Reference No:- TGS079101

Recent Questions Asked Accounting Basics

Q : Finks paid-in capital-excess of par

Q : Calculate the dividends per share on each class

Q : Nonconsolidated multi-seller securitization

Q : What the amount charged to income (expense and loss) in 2014

Q : Business incurred a net loss

Q : What marianne''s basis in the partnership interest at the end

Q : It was suspected that north korea

Q : Calculate the net take-home pay

Q : Regarding the environment and its preservation orrestoration

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