Question

If Blair Industries had $24 million in revenue and net income of $6 million, then its: Multiple Choice expenses must have been $30 million. expenses must have been $18 million. assets must have been $24 million. assets must have been $6 million
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Answer #1

Correct answer is "expenses must have been $18 million"

Net income = Revenue - Expenses

Revenue = $24 million

Net income = $6 million

$6 million = $24 million - Expenses

Expenses = $4 million - $6 million = $18 million

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