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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?

Respuesta :

Answer:

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

Explanation:

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