At the beginning of the period, assets were $200,000 and liabilities were $120,000. At the...
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Accounting
At the beginning of the period, assets were $200,000 and liabilities were $120,000. At the end of the period, assets were $300,000 and liabilities were $160,000. During the period, the owner withdrew $10,000 for personal use and made additional investments of $50,000. The amount of net income or net loss for the period was...?
A. Net income of $20,000
B. Net income of $40,000
C. Net income of $60,000
D. Net income of $20,000
E. Net loss of $40,000
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