Given the following information, calculate the Net Income for the year ended December 31. Selling Expenses 98,000 General Expenses 68,500 Sales 625,000 Finished Goods, January 1 35,500 Finished Goods, December 31 31,200 Cost of Goods Manufactured 295,700

Given the following information, calculate the Net Income for the year ended December 31. Selling Expenses 98,000 General Expenses 68,500 Sales 625,000 Finished Goods, January 1 35,500 Finished Goods, December 31 31,200 Cost of Goods Manufactured 295,700

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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Question

Given the following information, calculate the Net Income for the year ended December 31.

Selling Expenses 98,000

General Expenses 68,500

Sales 625,000

Finished Goods, January 1 35,500

Finished Goods, December 31 31,200

Cost of Goods Manufactured 295,700

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