The income statement of a proprietorship for the month of February indicates a net income of…

The income statement of a proprietorship for the month of February indicates a net income of $17,500. During the same period, the owner withdrew $25,500 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $8,000 during the month? Discuss. View Solution:
The income statement of a proprietorship for the month of