Question

Company A started the year with total assets of $300,000 and total liabilities of $240,000. During...

Company A started the year with total assets of $300,000 and total liabilities of $240,000. During the year, the business recorded $570,000 in revenues, $330,000 in expenses, and dividends of $60,000. The net income reported by Jimmy's Repair Shop for the year was

Group of answer choices

A)$180,000.

B)$570,000.

C)$240,000.

D)$300,000.

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Answer #1

Net income is equal to=Revenue-Expenses

=570,000-330,000

which is equal to

=$240,000

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