Z Company reports the following balance sheet information for 2014: 1 Jan 2014 31 Dec 2014 Assets
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Question:
Z Company reports the following balance sheet information for 2014:
1 Jan 2014 31 Dec 2014
Assets $60,000 $70,000
Liabilities $12,000 $14,000
Assuming the capital contribution made by the owners during 2014 was $3,000 and withdrawals were $12,000, profit for 2014 must have been:
A. $12,000
B. $16,000
C. $14,000
D. $17,000
Related Book For
Essentials Of Corporate Finance
ISBN: 9780073405131
6th Edition
Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan
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