The income statement of a proprietorship for the month of February indicates a net income of $17,500. During the same period, the owner withdrew $25,500 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $8,000 during the month

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25-01-2021
Business

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The income statement of a proprietorship for the month of February indicates a net income of $17,500. During the same period, the owner withdrew $25,500 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $8,000 during the month

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2021-01-27T01:25:49+01:00

Answer:

It Would NOT

Explanation:

Based on the information given it Would NOT be correct for us to say that the business incurred a net loss of the amount of $8,000 during the month reason been that the amount the owner withdrew which is the amount of $25,500 in cash from the business for his personal use is the Dividend which simply indicate that the excess amount of the Dividend over the net income amount which is $8,000($25,500-$17,500)will tend to lead to a reduction in the amount of business retained earnings.