(Solution) - The income statement of a proprietorship for the month of 115305 -(2025 Original AI-Free Solution)

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The income statement of a proprietorship for the month of December indicates a net income of $120,000. During the same period, the owner withdrew $130,000 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $10,000 during the month? Discuss.