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8 November, 21:49

The owners equity in a business amounted to $56,000 at the beginning of the year and $100,000 at the end of the year. the owner had made no additional investments and had withdrawn $19,000 during the year. the net income for the year amounted to

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  1. 8 November, 22:32
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    Net income = revenue - expenses.

    The revenue was $100,000 + $19,000 = $119,000

    Expenses was $56,000

    $119,000 - $56,000 = $63,000

    The net income is $63,000.
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