The net income of thomas company was $73,000 for this year. the beginning balance of thomas, capital was $32,000 and the ending balance was $71,000. there were no new capital contributions during the year. what was the amount of withdrawals during the year?

Ending balance = Beginning balance + Net income - Withdrawals

We will use this formula and put in the values given in the question

71,000= 32,000+73,000-Withdrawals

Withdrawals= 32,000+73,000-71,000= 34,000

The amount of withdrawals during the year were $34,000

Explanation:

right

Explanation:

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