Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $197,000,

Question

Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $197,000, expenses of $109,700, and withdrew $22,800 from the business during the current year. The owner’s capital account before closing had a balance of $309,000. The Net Income for the year is: 197,000 64,500 87,300 373,500 396,300 Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $197,000, expenses of $109,700, and withdrew $22,800 from the business during the current year. The owner’s capital account before closing had a balance of $309,000. The Net Income for the year is: 197,000 64,500 87,300 373,500 396,300 197,000 64,500 87,300 373,500 396,300

Explanation / Answer

Answer is $87300

Drawings are not part of income statement

Particulars Amt Revenues 197000 Less: Expenses 109700 Net Income 87300

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