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?

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?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 56P

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