If beginning owners equity was $25,000, ending owners equity is $27,000, and the owners withdrawals were $23,000,
Question:
If beginning owner’s equity was $25,000, ending owner’s equity is $27,000, and the owner’s withdrawals were $23,000, the amount of net income or net loss for the period was:
a) Net loss of $35,000
b) Net income of $25,000
c) Net income of $14,000
d) Net loss of $14,000
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