The income statement of a proprietorship for the month of, Ask an Expert

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The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.

Would it be correct to say that the business incurred a net loss of $25,000 during the month.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9438700

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