Net income for the year is $25,000. Withdrawals of $36,000 per were taken at the end of the year. Which of the following occurs? (Points : 1) The Capital account decreases by $22,000. The Capital account decreases by $11,000. The Capital account increases by $11,000. The ...
July 15, 2012
A proprietor makes a cash withdrawal from the proprietorship. How does this affect the accounting equation? (Points : 1) This has no effect on assets, liabilities, or owners equity. Assets decrease; owners equity decreases. Assets increase; liabilities decrease. ...
July 8, 2012