Solution-What was the net income or loss for the year

What was the net income or loss for the year

Reference no: EM132579488

Question - The balance of Morgan, Capital at the beginning of the year and the end of the year was $ 60,000 and $60,000, respectively. There were no new capital contributions during the year. Owner withdrawals were $ 20,000 $23,000. What was the net income or loss for the year?

A. Net income of $83,000

B. Net income of $23,000

C. Net loss of $83,000

D. Net loss of $23,000

Reference no: EM132579488

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What was the net income or loss for the year

Reference no: EM132579488

Reference no: EM132579488

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