Help with accounting class question?

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

easy, 20,000- 7,000 $ is 13,000.  Your ending oe is 37,000 so your net income must have been 24,000$ (37,000-13,000)