The net income of Thomas Company was $73,000 for this year. The beginning balance of Thomas, Capital was $32,000 and the ending balance was $71,000. There were no new capital contributions during the year. What was the amount of withdrawals during the year?

Ending balance = Beginning balance + Net income - Withdrawals

We will use this formula and put in the values given in the question

71,000 = 32,000+73,000-Withdrawals

Withdrawals = 32,000+73,000-71,000 = 34,000

The amount of withdrawals during the year were $34,000