Solved: Did company earn a net income or suffer a net loss, Accounting Basics

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Did company earn a net income or suffer a net loss

Problem: Trying to prepare a statement of owners equity.

beginning
Assets 50,000
Liabilities 20,000
Ending
Assets 70,000
Liabilities 35,000

Owners equity
Investments 0
withdrawals by owner 40,000

Income statement
Revenues 230,000
Expense ?

DID this company earn a net income or suffer a net loss?

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