The net income of Edwards Corporation amounted to​ $65,000 for this year. The beginning balance of​ owner's equity was​ $20,000 and the ending balance was​ $80,000. The company received $15,000 additional contributions during the year. What was the amount of the​ owner's withdrawals during the​ year?

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
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...
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The net income of Edwards Corporation amounted to​ $65,000 for this year. The beginning balance of​ owner's equity was​ $20,000 and the ending balance was​ $80,000. The company received $15,000 additional contributions during the year. What was the amount of the​ owner's withdrawals during the​ year?

 

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