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?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 23CE

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