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If Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss?

Respuesta :

zubam2002

Answer:

$60,000 ( 50% loss)

Step-by-step explanation:

If Stacy Tanner had a capital decrease of $30,000 and still having $30,000 after closing entries, this explains that $60,000 would have remained after closing entries.

If $60,000 would have remained, it means that, as calculated below:

If 100% where to be generated as capital = $60,000

then % loss, that is, $30,000 = 100 X 30,000/60,000 = 50%

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