Johnson Mechanics started the year with total assets of $250,000 and total liabilities of $180,000. During the year, the business recorded $415,000 in revenues, $265,000 in expenses, and dividends of $45,000. What is the net income reported by Johnson Mechanics for the year?

Johnson Mechanics started the year with total assets of $250,000 and total liabilities of $180,000. During the year, the business recorded $415,000 in revenues, $265,000 in expenses, and dividends of $45,000. What is the net income reported by Johnson Mechanics for the year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Question

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Johnson mechanics for the year ?

Johnson Mechanics started the year with total assets of
$250,000 and total liabilities of $180,000. During the year, the
business recorded $415,000 in revenues, $265,000 in
expenses, and dividends of $45,000. What is the net income
reported by Johnson Mechanics for the year?

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