Apparel boutique for the year? Amelia's Apparel Boutique started the yearwith total assets of $240,000 and totalliabilities of $140,000. During the year, thebusiness recorded $350,000 in revenues,$180,000 in expenses, and dividends of$60,000.What was the net income reported by Amelia'sApparel Boutique for the year?

Explanation of Net Income:Net income represents the total profit a business earns after deducting…

Answered: Amelia's Apparel Boutique started the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Amelia's Apparel Boutique started the year with total assets of $240,000 and total liabilities of $140,000. During the year, the business recorded $350,000 in revenues, $180,000 in expenses, and dividends of $60,000. What was the net income reported by Amelia's Apparel Boutique for the year?