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I need step by step. Service revenue is $100,000 and expenses are $70,000.What is the net income to be closed to retained earnings?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 1PB: The following information is taken from the records of Rosebloom Flowers for the year 2019. A....

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Service revenue is $100,000 and expenses are $70,000.
What is the net income to be closed to retained earnings?

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