Loweman's Car Repair Shop started the year with total assets of $30,000, total liabilities of $21,000, and retained earnings of $9,000. During the year, the business recorded $50,000 in car repair revenues, $35,000 in expenses, and the company paid dividends of $5,000. The investors did not make any additional investments during the year. The net income reported by Loweman's Car Repair Shop for the year was: Select one: a. $15,000 b. $20,000 c. $25,000 d. $90,000 e. None of the above

Loweman's Car Repair Shop started the year with total assets of $30,000, total liabilities of $21,000, and retained earnings of $9,000. During the year, the business recorded $50,000 in car repair revenues, $35,000 in expenses, and the company paid dividends of $5,000. The investors did not make any additional investments during the year. The net income reported by Loweman's Car Repair Shop for the year was: Select one: a. $15,000 b. $20,000 c. $25,000 d. $90,000 e. None of the above

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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