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Taylor Company began the year with owner's equity of $28,000. During the year, Taylor received additional owner investments of $35,000, recorded expenses of $82,000, and had owner drawings of $7,500. If Taylor's ending owner's equity was $63,500, what was the company's revenue for the year?

Taylor Company began the year with owner's equity of $28,000. During the year, Taylor received additional owner investments of $35,000, recorded expenses of $82,000, and had owner drawings of $7,500. If Taylor's ending owner's equity was $63,500, what was the company's revenue for the year?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Taylor Company began the year with owner's equity of $28,000. During the year, Taylor received additional owner investments of $35,000, recorded expenses of $82,000, and had owner drawings of $7,500. If Taylor's ending owner's equity was $63,500, what was the company's revenue for the year?
Transcribed Image Text:Taylor Company began the year with owner's equity of $28,000. During the year, Taylor received additional owner investments of $35,000, recorded expenses of $82,000, and had owner drawings of $7,500. If Taylor's ending owner's equity was $63,500, what was the company's revenue for the year?
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