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During the first year of operations, a company sold $109,000 of goods to customers and received $94,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,900 in expenses for the year and paid $65,900 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Choice $28,600 $23,600

During the first year of operations, a company sold $109,000 of goods to customers and received $94,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,900 in expenses for the year and paid $65,900 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Choice $28,600 $23,600

FINANCIAL ACCOUNTING
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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During the first year of operations, a company sold $109,000 of goods to customers and received $94,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,900 in expenses for the year and paid $65,900 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Choice O O $28,600 O $23,600 $43,100 $38,100
Transcribed Image Text:During the first year of operations, a company sold $109,000 of goods to customers and received $94,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,900 in expenses for the year and paid $65,900 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Choice O O $28,600 O $23,600 $43,100 $38,100
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