The total assets and the total liabilities of Paragon Services are shown below.During the year,no additional capital contributions were made,and the business earned net income of $50,000. $\begin{array}{|l|r|r|}
\hline& \text { Assets } & \text { Liabilities } \
\hline \text { Beginning of year } & \$ 395,000 & \$ 290,000 \
\hline \text { End of year } & 455,000 & 320,000\\hline
\end{array}$ What was the amount of drawings taken during the year?
A) $85,000
B) $40,000
C) $45,000
D) $20,000

Question

The total assets and the total liabilities of Paragon Services are shown below.During the year,no additional capital contributions were made,and the business earned net income of $50,000. $\begin{array}{|l|r|r|} 
\hline& \text { Assets } & \text { Liabilities } \
\hline \text { Beginning of year } & \$ 395,000 & \$ 290,000 \
\hline \text { End of year } & 455,000 & 320,000\\hline
\end{array}$ What was the amount of drawings taken during the year?
A) $85,000
B) $40,000
C) $45,000
D) $20,000

Quizplus · Accepted Answer

The Answer of The total assets and the total liabilities of Paragon Services are shown below.During the year,no additional capital contributions were made,and the business earned net income of $50,000. $\begin{array}{|l|r|r|} 
\hline& \text { Assets } & \text { Liabilities } \
\hline \text { Beginning of year } & \$ 395,000 & \$ 290,000 \
\hline \text { End of year } & 455,000 & 320,000\\hline
\end{array}$ What was the amount of drawings taken during the year?
A) $85,000
B) $40,000
C) $45,000
D) $20,000

The Total Assets and the Total Liabilities of Paragon Services