Solution-What owner equity at the end of the period was

What owner equity at the end of the period was

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Reference no: EM132762836

ABC Restaurant started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business earned $100,000 in income and incurred $55,000 in expenses. Dividends paid were $10,000.

Problem 1. The net profit for ABC for the period was

A. $35,000.
B. $45,000.
C. $20,000.
D. $90,000.
E. $15,000.

Problem 2. Owner's equity at the end of the period was

A. $55,000.
B. $35,000.
C. $65,000.
D. $45,000.
E. None of the above

Reference no: EM132762836

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What owner equity at the end of the period was

Reference no: EM132762836

Reference no: EM132762836

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