ACCOUNTING-Jill opened a clothing store on January 2, 20X1.

QUESTION

Jill opened a clothing store on January 2, 20X1. She contributed $25,000 for inventory, equipment, and supplies. Additionally, she loaned the business $10,000 for working capital. The first payment on the loan is due January 31, 20X2. At Christmas, she took a draw of $5,000. The ending balance in equity was $34,500 on December 31, 20X1. The only liability of the clothing store is to Jill for the working capital loan. Jill’s clothing store reported ________ for net income. (Points : 20)

ANSWER:

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