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On January 1, 2009, Affleck Company Reported Owner's Equity of $470,000

Question 13

Multiple Choice

On January 1, 2009, Affleck Company reported owner's equity of $470,000. During the year, the owner withdrew cash of $20,000. At December 31, 2009, the balance in owner's equity was $500,000. What amount of net income or net loss would the company report for 2009?


A) Net income of $30,000
B) Net loss of $50,000
C) Net income of $10,000
D) Net income of $50,000

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