Jim Ault established Ault’s Dry Cleaners, a sole proprietorship,
Jim Ault established Ault’s Dry Cleaners, a sole proprietorship, by investing $1,000 on January During the first year of operations; the business generated net income of $42,000. The ending balance of the capital account was $20,000. What was the amount of the cash Jim Ault withdrew for personal use during the year?
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