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The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivabl
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Answer #1

Calculate net change in equity :

Net income = 125200-21400-17060-59500 = 27240

Ping Chung Withdrawal = 31700

Net change in owner's equity = 27240-31700 = -4460

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