Accounting class question. please help!!!?

Question

Determine net income for the period if beginning owner's equity is $20,000, cash withdrawals by the owner amount to $7,000, and ending owner's equity is $37,000.

Hint: use the owner's equity statement to solve.

Answer 1

Net Income Minus Dividends = Change in Retained Earnings

So X - $7,000 = $17,000.

X = $24,000.  that's your net income.