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1. Mac is the owner of Maid in Arizona Cleaning Service (MACS). This year, the...

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Accounting

1. Mac is the owner of Maid in Arizona Cleaning Service (MACS). This year, the company had gross income of $300,000 and operating expenses of $195,000. In July, MACS sold a capital asset that had been held by the business for 2 years for a $15,000 loss. During the year, Mac withdrew $93,000 from the business for his personal living expenses. Assuming MACS is a sole proprietorship, how do these transactions affect Mac

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