Kennedy Holdings had a beginning capital of $15,000. The owner made additional investments during the year of $50,000 and withdrew $20,000. At the end of the year, the ending capital balance was $85,000. What was the net income or net loss for the period?
Kennedy Holdings had a beginning capital of $15,000. The owner made additional investments during the year of $50,000 and withdrew $20,000. At the end of the year, the ending capital balance was $85,000. What was the net income or net loss for the period?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 30CE
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What was the net income or net loss for the period ?
Transcribed Image Text:Kennedy Holdings had a beginning capital
of $15,000. The owner made additional
investments during the year of $50,000
and withdrew $20,000. At the end of the
year, the ending capital balance was
$85,000.
What was the net income or net loss for
the period?
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