The income statement of a proprietorship for the month of December indicates a net income of $120,000.

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The income statement of a proprietorship for the month of December indicates a net income of $120,000. During the same period, the owner withdrew $130,000 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $10,000 during the month? Discuss.

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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