If beginning capital was $100,000, ending capital is $85,000, and the owner's withdrawals were $10,000, the amount of net income or net loss was: net income of $5,000. net loss of $15,00o. net loss of $5,000. net income of S15,000.

If beginning capital was $100,000, ending capital is $85,000, and the owner's withdrawals were $10,000, the amount of net income or net loss was: net income of $5,000. net loss of $15,00o. net loss of $5,000. net income of S15,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If beginning capital was $100,000, ending capital is $85,000, and the owner's withdrawals were $10,000,
the amount of net income or net loss was:
net income of $5,000.
net loss of $15,000.
net loss of $5,000.
net income of $15,000.

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