In the Current Year Ms B

In the current year Ms B. Seen operated Main Events. The business earned $50,000 profit for the year. Its assets increased by $100,000 and its liabilities increased by $30,000. What was the net amount of the capital contributions or drawings taken by Ms Seen during the year?

A) Contributions of $20,000
B) Drawings of $20,000
C) Drawings of $80,000
D) Contribution of $80,000
E) None of the above

Correct Answer:

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