On December 31, Merry Capital account showed a balance of 28,000. The balance on January 1 was

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On December 31, Merry Capital account showed a balance of 28,000. The balance on January 1 was $ 6000 for 2022. The company withdrew $ 2000 every quarter and, in addition, invested 20,000. What was the company's net income or loss for the year?

Question options:

a)	net income 10,000

b)	net los 12,000

c)	net income 34,000

d)	net income 46,000

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Posted Date: Nov 30, 2022 12:06 PM

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On December 31, Merry Capital account showed a balance of 28,000. The balance on January 1 was

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Answer c net income 34 000 Net income Ending balance Beginning balanc... View the full answer

Intermediate Accounting

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