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Financial Accounting MCQs

A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s capital, and the owner withdrew $30,000 during the period for personal use. What was the company’s net income or loss for the period?

$5,000 net income

$55,000 net income

$5,000 net loss

$30,000 net loss

Answer

Correct Answer: $55,000 net income

Explanation:

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