expert of general accounting Hampshire Farms, Ltd. had sales of $690,000 and cost ofgoods sold of $390,000. Inventory decreased by $15,000and accounts payable decreased by $9,000. Operatingexpenses were $175,000. How much was Hampshire Farms'net income for the year?

Step 1: Definition of Net EarningsNet earnings, also known as net income, represent the amount of…

Answered: Hampshire Farms, Ltd. had sales of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 5EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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Hampshire Farms, Ltd. had sales of $690,000 and cost of goods sold of $390,000. Inventory decreased by $15,000 and accounts payable decreased by $9,000. Operating expenses were $175,000. How much was Hampshire Farms' net income for the year?