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If you could explain/show how you came to your answer that would be great! Listed below...

If you could explain/show how you came to your answer that would be great!

Listed below are the account balances of the Grahamm Corporation:

Accounts Payable

$ 75,000

Cash   

100,000

Common Stock          

200,000

Dividends

10,000

Land   

170,000

Miscellaneous Expense

10,000

Service Revenue        

147,000

Equipment

130,000

Note Payable due in 90 days

60,000

Long-Term Debt

15,000

Salary Expense   

87,000

Net Income (Net Loss) is:

            A. $60,000

            B. $40,000    

            C. ($18,000)

            D. $50,000

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Answer #1

Correct answer--------(D) $50,000

Working

Income statement
Service revenue $ 1,47,000.00
Less: Expenses
Salaries expense $ 87,000.00
Miscellaneous Expense $ 10,000.00
Total expense $      97,000.00
Net income $      50,000.00
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