Davis company reported net income of $40,000. John Davis, the owner, withdrew $10,000 for personal use. How and by what amount will capital change?

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07-02-2018
Mathematics

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Davis company reported net income of $40,000. John Davis, the owner, withdrew $10,000 for personal use. How and by what amount will capital change?

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jamuuj jamuuj · Answer 1 · 2018-02-17T16:57:58+01:00

I believe that the capital will decrease by $10000. Capital is the financial value of assets in a business such us funds in deposits account, machinery, production equipment such as manufacturing facilities among others. The money withdrawn from a business by the owner for personal use is called the withdrawal. Withdrawals reduces the amount of capital in business or the equity in the company.